All Forum Posts by: Christopher Webb

We provide semi-annual property inspections for all of our property management clients. Twice a year we will go out and perform all the items you mentioned and more - including testing smoke detectors, fire extinguishers, etc. We charge our clients just $55 for each of the inspections and it includes all the necessary small parts (air filters, batteries, etc). A good property management company will have a good preventative maintenance program in place. Let me know if you have any additional  questions or would like to discuss property management services in the KC area. 

Depends what you are looking to do. You can search county foreclosure records, eviction records, craigslist, driving for dollars, probate records, estate auctions, newspaper, bandit signs, etc. Join a local REI and find a mentor that can show you the ropes for the type of investing you are looking to get into.

By upside down, do you mean they owe more on the mortgage than the home is worth? If they are upside down with the mortgage, this is likely not a good wholesale candidate. Wholesaling involves acquiring property at deep discount and assigning it at a slightly higher cost to an investor. In order to acquire this property, you would have to offer at least the balance on the existing mortgage. An investor would not be interested in acquiring this property for more than its value. If interested, look into other options - owner financing, renting the property back to the current resident, etc. 

If you don't have capital, the most common place to start is wholesaling. It is really the most common starting place for investors. There are some other investment strategies, but are difficult without a proven track record. Read up on the wholesaling process and start marketing yourself. Join your local REI and get involved. As you learn and build connections, you will learn more about acquiring your own portfolio. Best of luck to you!

Thanks! It still amazes me that we have people in space. Pretty fascinating stuff. Space just has a such a mysterious appeal - the vast unknown! 

Did they identify specific reasons as to why the unit is not approved? Usually, with adding the proper windows, ventilation systems, access control systems, electrical and plumbing, you should be able to have the unit re-inspected and approved for occupancy. I'd call around and talk to a friendly inspector - just be friendly and honest. They are usually willing to help answers any questions you may have. They should be able to tell you what is needed to make it a legal unit. 

When completing an unemployment claim, you are required to report income from wages and also are asked to reveal any interest you have in any businesses. If this is just a small, passive income stream, I don't see why it would effect you receiving benefits. Just be sure that you don't try to hide anything from the Dept of Labor. Unemployment is to assist you in finding gainful employment so you must be actively searching and available to work (not working in your own business on the side). 

Great advice. I also recommend anyone on this site to check out the podcasts. I had never listened to a podcast before until I listened to one from BiggerPockets. I was hooked after that. I went back and listened to all the podcasts and continue to look forward to each episode. So much great advice in each one. It is easy to listen to in the car while driving for dollars!