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Posted about 15 years ago

My Journey to take over Joplin, Missouri

As some of you might remember I took a vacation with my family back to Missouri where my fathers side of the family is from to visit. I had intentions of buying at least 1 house while I was there. 

We had a great week there in Joplin and I loved it there. My wife and I had been there years before and now the kids were able to see it, they actually fell in love with it as well. Joplin is great in that it's a smaller town/city but it's still got some bigger city attributes to it. There is a lot of great history with Joplin and the surrounding area and that is one of the things that really attracted myself and my kids to be interested in possibly moving there soon. 

Even though we had a great week I was unable to find the time to actually purchase a house while I was there so I've decided to go and make it a mission to take over Joplin and pick up as many houses as I possibly can.

This blog might also be a little premature but I figure I can start tracking my progress so that everyone can watch and follow along with me.

I was able to make sure I've got a solid team built there in Joplin which is important. I've got my uncle who is a great handyman and actually very responsible and trustworthy to handle little things that I might need, I don't plan on buying any houses that need major repair. I'd consider new cabinets/countertops, carpet & paint, little stuff like that. Anything outside of minor updating or paint/carpet I'll have to make sure I'm getting a smoking deal.

I've got a great Realtor who I plan on using a lot. It's always been my downfall to fax/email contracts to a seller and then expect them to send them back signed. It's not like I have any scam type of contracts, they merely say if you're selling then I'm buying but it always seem that when a seller has time to sit there and read and then re-read and then consult their friends who obviously don't know squat! they always back out. So my Realtor will have my contracts readily available and will fill them out for me as I've instructed him to and then I'll have him meet with the sellers who I feel then will feel more comfortable moving forward if they're meeting with a licensed professional.

I've got a title company on board, they were not really keen on Sub2's at first but then I realized I'll be doing mostly table top closings with the sellers anyways all I'll really need them to do is searches and title policies anyways, so we ended up being just fine and ultimately I kinda like them there at the title place.

I also got a referral to a insurance guy who was very knowledgeable and knew exactly what I was talking about and actually gave me some tips that made sense. I was referred to him by who I would call the MikeOH of Joplin, an older straight shooter type of guy who has over 100 rentals there in Joplin and also brokers mortgages. I was able to meet with him while I was up there and we sat for almost 3 hours as he told my kids and I history stories about the Joplin area. That guy was cool!!  

So for now I'd like to lay out my plan to you so that you'll know exactly what I'll be doing as you follow my progress. As mentioned before this all might be a little premature as my site isn't completed as of yet and I don't plan on going full force until it does b/c all of those 500 bandit signs have my number/site on them so obviously I'll have to wait a few weeks until the site is done.

 

Plan will be a constant ad in the local Joplin Globe paper for at least 12 weeks

50 bandit signs every week starting at Thursday night. Will change to Friday if the majority of them are getting torn down. I'm not to worried about sign enforcement. 

CL and Backpage ads, I'm not counting on these to much simply b/c there is very little activity in the Joplin part of these sites, I'm not sure if it's lack of internet or lack of people knowing about CL and Backpage.

So I think my 2 main focuses will be the local paper and bandit signs.

I'll keep updating this as I progress.  

 


Comments (13)

  1. Damn, the blog was just turning interesting...No worries...i have faith another will come along soon! Talk to you soon Nick.


  2. ya, that is what I will end up having to do.


  3. lol Nick Nick Nick . . . I understand the feeling. How about logging what you do from start to close, and then post the blog after the close? Then it will be jinx-free. =)


  4. That's too bad, Nick. It is great watching the process as it happens, but I can understand why you're going to step back a bit. I hope that helps, somehow. Good luck!


  5. So an update on this is I don't think it's going to work out. The seller is not responding to any communications. This will be the 2nd or 3rd attempt trying to blog about a deal that is in the works. I have other deals that I am not blogging about that are going just fine. I think I'm going to stop doing this as I'm starting to think I'm jinxing(is that how you spell it?) myself. I will though try to track progress on other/future deals and then blog about them after they are done, I really wanted to blog during the process but it's not working out so far.


  6. ya I completely agree with you. This Realtor of mine is actually a personal friend which sometimes gets in the way of my high expectations of him. I did get the comps but not as soon as I wanted. I told him he'll get fired if he does that again, friend or not. He knows I'm legit so I don't think he'll use the whole, "I was out to dinner with my family" excuse again LOL!!!!


  7. This is a BIG problem of mine. REALTORS don't really want to "help" or pull comps. Especially if you haven't done business with them. I certainly understand no one works for free, but I've even offered them $$ for their time? If your not buying houses from them, they want nothing to do with you.


  8. yep, will do. I was supposed to call him back yesterday and I ended up calling him to tell him I'll call him on Monday. I hate when I do that but I didn't have a choice and it's better than not calling at all. I plan on closing him out and completing the deal next week.


  9. Keep us updated on this...good stuff.


  10. I just talked to the seller. Really nice guy, was a pleasure to speak with. He's got a few other businesses and he's not hurting, he's just trying to trim down his responsibilities so he can put more focus on his other businesses. I can respect that. He mentioned the property is cashflowing $100 a month. We discussed a Sub2 purchase and after we chatted about it he understood what it is and I'm positive he feels comfortable with it. I invited him to come here to BiggerPockets to check it out and check me out if he had any doubts. Now I'm waiting on comps from my Realtor that's about to get fired b/c he's taking to long to get me comps LOL!! and then I'll draw up the contracts and do a title search. Once we're all good I'll have the seller meet with my Realtor to sign the paperwork and I'll move forward with it. He did mention that the current tenant is actually a responsible tenant, I'll probably offer the current tenant a L/O deal to purchase the property and cash out the seller and myself and call it a day and move onto the next one. I'll update this again soon.


  11. I also just realized you'll have to read it from the bottom up for it to make sense.


  12. I haven't got the site up just yet, but I was able to throw up a few CL ads and already received one response. here it the exact email trail minus the part where he gave me his number, I did just call him a few minutes ago and left him a VM. We'll see if he calls back. You'll notice that I deleted his email addy and the property addy for privacy sake of course. -------------------------------------------------------------------------------------------------------------------------- while I'm waiting for comps, is there a number I can reach you at today to chat about this property? Nick Johnson Motiv8td Investments LLC [email protected] 602.570.8390 602.275.0957 fax From: To: Nick Johnson <[email protected]> Sent: Tuesday, July 14, 2009 10:45:49 PM Subject: Re: Yes. 1129 s . 2bed 1 bath all electric. Sent from my BlackBerry® smartphone with SprintSpeed From: Nick Johnson Date: Tue, 14 Jul 2009 22:24:35 -0700 (PDT) To: Subject: Re: What's the address and I'll have some comps pulled. If I paid you for some of your equity would you sell it for what you owe? Nick Johnson Motiv8td Investments LLC [email protected] 602.570.8390 602.275.0957 fax From: To: Nick Johnson <[email protected]> Sent: Tuesday, July 14, 2009 10:37:44 PM Subject: Re: Yes and yes. Around $11,000 equity. My job has me traveling a lot and I do not have time for it anymore. I've had it for 3 years. The tenant that's in it now has been there for 6 months and he is a model tenant. Sent from my BlackBerry® smartphone with SprintSpeed From: Nick Johnson Date: Tue, 14 Jul 2009 22:15:20 -0700 (PDT) To: Subject: Re: ya, is there a mortgage on the property? any actual 'equity'? Nick Johnson Motiv8td Investments LLC [email protected] 602.570.8390 602.275.0957 fax From: To: [email protected] Sent: Tuesday, July 14, 2009 10:16:42 PM Subject: Would you be interested in a house that is new remodeled and currently rented? Sent from my BlackBerry® smartphone with SprintSpeed


  13. Fantastic! It is great watching someone with knowledge walk you through their experiences. Anyone who is interested in investing at a distance doing Sub2s, needs to latch on to your blog, Nick. I'm going to be eagerly watching myself. BTW - Team building is one of the most important things you can do when getting started in an area. All of the newbies reading this need to pay close attention. Josh