All Forum Posts by: Colton Phillips

Hi everyone,

I own 5 acres of land outright and I want to put it to some use. My original plan with the land was to build a primary residence/shop on it because I like the location and got a good deal per acre. I've since gotten engaged and don't want to move a new bride into a makeshift apartment in a pole barn style shop but the price of building a shop and house of any size, currently, will "overbuild" the value of the location of the land so I've opted to just having a shop and buying a house in town. 

Here's the issue/question: I feel like I'm leaving a lot of money just sitting in this land.

Does anyone know about the possibility or legality of fencing off a 1/4 to 1/2 acre of the land and putting a mobile home/ tiny home for rental use? 

How would I legally keep tenants from entering the remainder of the land that would be for my use only?

Would I need to subdivide my land or could I include it in the contract between the tenants and me? 

I know I'd need permits to add an additional driveway over the drainage ditch between the road and I've already contacted contractors and the county for water and septic information so my main concern is the separation of the land I want to keep using from the tenants. 

Any additional information that I may not be considering is appreciated!

Jared Viernes I really appreciate all the information. I see what you're saying about the property sitting on the MLS. I questioned that also as I've seen the Multi families around friends university and Delano that have been on for a while but this one is much further west in an area I'm very familiar with so I wouldn't assume crime to be an issue. The property appears to be vacant as the listing seems to appeal to more of a owner occupant. I don't mean to take too much more of your time but do you have any recommendations for an agent in the area?

@Jared Viernes This property is being advertised by a realtor so is it adventagious for me to go directly to the owner or can I be just as effective in expressing interest by contacting the realtor?

@Ray Lai This will be my first deal. I'm not exactly trying to establish a lead stream or start a campaign at this point. I'm really just trying to work my way through to my first buy and hold rental investment. 

I'm unsure about how to capitalize on the tax situation in regards to the price negotiation or it could benefit me in any way. The property has been listed for about 2 months and the list price has dropped from 69,500 to 59,500 in that period. 

I've spent some time looking at my local market here in Wichita and I've found a 2/1 condo that I believe will Cash flow well and I shouldn't have difficulties keeping it filled. I looked on my county appraisers website and saw the property is one year behind on taxes (carrying a balance with penalties and interest from 2016. I've heard many examples of people buying tax delinquent properties of county auctions. (I hope that's the right terminology) but how would you handle a property that's just behind since they don't seem to be auctioned or foreclosed until they're a few years behind. Can I use this to my advantage in negotiations? Any additional knowledge of how the county/state handles delinquency would be appreciated as I'm fairly ignorant of the process Thanks in advance

Hi everyone,

My name is Colton Phillips and I'm an A&P mechanic at Cessna here in Wichita, KS. I'm still a full time student also and I'll be done with my bachelor's degree in management in August. I have zero experience with REI but I've really enjoyed learning about this subject.

I've spent the last few months covering the required reading materials (rich dad and so on) and have been listening to the BP podcast and I'm looking forward to applying my newly acquired knowledge by early next year. 

Looking forward to building with everyone here!