All Forum Posts by: Caleb Brown

 I'd use a PM unless you were doing this full time and had a portfolio of rentals. KC can get tricky with tenants and the eviction process so having a PM who knows the lay of the land is worth it. Sure you can learn self managing but I wouldn't want to learn while losing $$

Others have hit the nail on the head. If you want to be an agent focus on that. Figure out how you are going to find buyers/sellers and build a business. That will give you income to invest. Be frugal, have a budget and use your time to increase your income

Real estate is slower to get into so I would first look to switch job wise and see if you can get a a higher paying attorney job. If your wife wants to go part time quickly then you want to get that squared away first. With 400K my initial thought is doing a BRRR/Flip that is close enough for you to be hands on. Not sure if you are handy but that'd help. BRRR's or flip can recycle your cash so you can rinse and repeat. Risk is the rehab part. You can start building out a team(GC, Agent, etc) to start analyzing numbers. Another option is moving out of your place and doing a house hack. Rent your current place(if it makes sense). Could be a 2-4 unit or a live in flip. With you guys having a strong financial base you have plenty of options, you guys just need to pick ONE then go for it.

Goals lol. Well done! Love hearing your stories and perspectives 

My first question is how leveraged are you currently? Do you have a decent size nest egg set aside? If you don't have the cash to take on the mobile home park and are trying to use creative I would not. With you being very leveraged I would be cautious unless you have a lot of cash or your income is extreme. Why is your Uncle selling? Have you reviewed actual numbers that he can provide?

For the foundation I would bring an engineer out first before bids. Many companies will over quote you. I agree with Jaron. I think roof would need done first before the foundation. On the roof is there hail damage where it can be insurance claim worthy? In my area that is common so not sure on Wisconsin

Happy to connect. Liberty is a prime suburb so more of an appreciation play. Will take a few years to see cashflow. Some people do MTR/STR with it's proximity to the airport and North KC

In my area it's pretty easy and cheap to switch it over to the LLC. Typically they can do it while the client is there closing.

I do agree that happens and I’m not justifying that. I think agents that do flat fees need to be upfront with their buyers. That way in scenarios like this, they will already have the dialogue beforehand. Back when I first started in 2018 there would be properties under 50K they’d be interested in. I would have in my buyer agencies on additional terms that that there would be a minimum commission so I’m not making a few hundred bucks. I didn’t do that on a 20K deal and learned after that(my check was under $200). 

My first reply I was saying a flat fee is common, there are plenty of agents that charge a minimum of whatever amount. Other agents aren't as picky. Some agents it is not worth their time to do less then x amount. Seller does not have to go with them, they can interview and sign with whatever agent they like. Beautiful thing about RE is there is plenty of people out there and you can find the right fir for what you need as the seller