All Forum Posts by: Aqeelah M.

How it started: :D

How it's going: :/

Moved to Kansas from the sunny skies of California and had no idea about FROZEN PIPES. Turned on the heater because I thought that would help thaw out the pipes, man, was that a BIG mistake lol. Came back the next day to this..... I just closed on this property 3 days prior to this happening lol

My first thought was "my life is over, how will I ever come back from this" ... Thank god I did not have a tenant yet.

Turns out I have a wholeeeee lot to learn about houses and from this experience, I am gaining so much education and I am grateful. I will replace my pipes with PEX, properly insulate pipes, have the thermostat set to a certain temperature when a property is vacant, require tenants to have renters insurance, and send a reminder to keep water dripping in cold temperatures. 

lol is it odd that I am actually excited about working on this project instead of experiencing sleepless nights (*knocks on wood) ... I have been reading about Real Estate Investing for the past two years and it's kind of surreal that I actually got this far.

@Westin Hudnall LOL

By the way, the apprised and assessed value this year is significantly less than the other years (by thousands of dollars)

My idea is he gutted the house to pay less taxes and hold onto the property.

Hi,

What does it mean when the current yrs appraised and assessed value is significantly less than the other years by thousands of dollars?

I have this idea that he gutted the house to pay less taxes because for the last 3 yrs he has paid 0 taxes.

Any other ideas are appreciated, thank you!

Hi,

I talked to a seller who's a contractor and is expecting way too much for his property. He owns it out right but he hasn't been paying taxes on it for the last 3 yrs. Taxes is also a little higher in that area about 2k+ a year. This property is 3bed 2bath and has a huge lot. He recently did the roof and a few other things and says it probably needs 40k in work. The ARV is around 115k based on what a smaller property sold for all fixed up. On the county assessors website it says the property is only work 42k. I'm not a contractor and I dont know any realtors to give me accurate COMPS so my estimates may be a little shady. But I was thinking to offer him 25k-30k and reselling to an investor for 50k. I already accounted for the taxes he didnt pay and I was hoping to wholesale this deal.

What do you think?

@Michael Noto thanks Michael, that is one exit strategy I really like.

 Thank you! I did not consider this but it is great advice. 

Hi, 

What are some common and uncommon expenses for small multifamily properties I can expect as a landlord investing in the Wichita, KS area? 

Thanks! 

Hi, 

I will be investing in RE in Wichita, KS. What are some exit strategies I can follow if I want to BRRRR a deal and the bank does not give me the 70% LTV refinance?

Thanks!

@Ryan Boehner Thank you Ryan, yes I've heard about this. Thank you for conifrming.