All Forum Posts by: Gary Bennett

If Como REI did disband it would have been within the last month. I got an email about the meeting on june 2nd.

Yes the Como rei. 

They meet once a month.

http://www.comohome.net/comore...

I have 10 rental properties in Sedalia. There isn't much listed on the MLS in this area atm. Is there something in particular you are wondering about?

You may want to reach out to @Bryant Dawson as he'll probably be able to give you the best overview.

@Doug Haisten

It was 3 years ago, but I was playing around with it. I don't wholesale myself, just buy and hold.

Thanks, I appreciate the input!

Anyone? haha

I have a few questions on the new security deposit statues. http://www.moga.mo.gov/mostatutes/stathtml/5350000...

It states that all security deposits must be "held in a trust established by the landlord and deposited in a bank, credit union, or depository institution account in the name of the trustee".  The statues link to a form prepared by a law firm to comply with the new laws - http://www.scottlawfirm.com/deposits.htm

I'm unfamiliar with trusts, and I'm not sure if I have to set up a separate bank account for each property, each with it's own trust, or one bank account with one trust. I haven't  heard anything about this from my local landlords group, or the rei group I attend.

If someone could let me know what I actually have to do to comply, that'd be wonderful.

Edit: Is there something special I have to do for a "trust account" or is it just a normal checking account that must be kept separately?

Thanks for the add.

Do you own your own investment properties as well as being an agent?

Try the wholesaling calculator on biggerpockets.

http://www.biggerpockets.com/calc

Marcus,

It depends on where you are buying your properties. In my area, I could pay 20% down, get a conventional mortgage, and make some improvements to a property that cashflows $300/mo for $10k  My story doing just that.

Why are you buying the property? Cashflow each month, or hoping that it will appraise and you sell it later?

If it's cashflow, you can run the numbers and decide if it's going to work for you or not with each property. You'll have to do a little bit of research, but if you can fill in the numbers you can get an estimate of cashflow by using:

Gross Rent - PITI - repairs = cashflow

Depending on your way of thinking, you can decide if it meets your criteria of a good investment. Do you follow the 50% rule , the 2% rule, or do you just want a property that cashflows $X/mo?

As for other tips, I'd suggest listening to the podcast