All Forum Posts by: Christopher Beale

I don't know your market, but I know in the KC area zillow even has a disclaimer that comps could vary by as much as 50%.  Also I have to agree with Jim and Larry, that is not a wholesale deal.  What you could do with it if the owner is willing is a subject to.  The property is currently rented, so as long as rent covers expense it could possibly work out as a hold property.  The calculator I use for this type of evaluation is :

how much does the property rent for minus (annual taxes divided by 12) minus (annual Insurance divided by 12) minus (10% of rent for expenses/maintenance) minus (10% rent for vacancy) minus desired cashflow.  If this formula works and the seller is willing to accept it then take possession of the property and hold it as a rental.  The tenant will be paying down the mortgage, and covering your expenses.

I tried to contact Mike Wade, but couldn't get time in his schedule.  I also tried KC property solutions, but they were booked past the time frame I needed as well.  I ended up consulting the phone book (shocking I know).  And got an estimate from a cold call.

Great video finds.  Thanks.

 I have emailed Kim from marei as my log on isn't working on the forums there, that's why I asked here.

@Tyler Caruso and @Andrew Syrios  Thanks for the recommendations.  Ill try calling them.

I am looking at properties on both Kansas and Missouri, and am looking for a referral to a good general contractor / Project Manager.  Thanks in advance.

I am going to my first meeting with MAREI next week.  Ill let you know how it goes.

As a fellow newbie, I would offer this advice. Hold off on forming the LLC until you get a few properties that you intend to hold. The biggest reason for forming an LLC is Liability protection. You can go to your local insurance agent and buy an umbrella policy fairly cheap that will cover you until you get a portfolio large enough to warrant the protection of the LLC. Just 2 cents from another novice investor ;)

Thanks for the response.  Ill give an attorney a call first thing in the morning.

I am creating a contract for the seller. But the form I have has a field for Legal Description.  Is this the address or do I need to look up the parcel number from the county?  Thanks for the help.

Thanks for the input guys. Ill try them both out, they both offer free first time visitors admissions.