All Forum Posts by: Tracy Liggett

Good evening Finn. I have a small property management company. We have our local Wichita REIA meeting coming up this Saturday and I'm actually going to be speaking for a few minutes. I can put a word out for you. Message me and I can see if we can hook you up with whatever you're needing.

Good afternoon Elizabeth,

I’m here in Wichita as well. There are a lot of people in town willing to help out. Let me know if there is anything I can do for you.

Have a blessed day,

Tracy

Hello @Tom Parris,

Thank you for your response and advice. I've received examples from others here in Kansas that have a similar clause. That is what really raised the question. One, in particular, I know has been reviewed by a local attorney. I just wanted to make sure I wasn't reading it wrong before I brought it to his attention.

Thank you,

Tracy

Have a question about the legality of the Indemnification/Liability clauses. I'm just getting started and may take on a few houses as a property manager.

From several example lease contacts, I've seen an indemnification section. The example below is from @Brandon Turner's example contract from his book.

"Landlord shall not be held liable for any act by, or injury or damage to any person on or about the Premises. Tenant shall indemnify, defend, and hold Landlord harmless from all injury, loss, claim or damage to any person or property while on the Premises, or arising in any way out of Tenant's use or occupancy of the Premises."

Sounds great, but then I read in the Kansas Residential Landlord & Tenant Act: 58-2547. Same; prohibited terms and conditions; damages.

(a) No rental agreement may provide that the tenant or landlord: ...

(4) agrees to the exculpation or limitation of any liability of either party arising under law or to indemnify either party for that liability or the costs connected therewith, except that a rental agreement may provide that a tenant agrees to limit the landlord's liability for fire, theft or breakage with respect to common areas of the dwelling unit.

(b) A provision prohibited by subsection (a) included in a rental agreement is unenforceable. If a landlord deliberately uses a rental agreement containing provisions known by such landlord to be prohibited, the tenant may recover actual damages sustained by such tenant.

So, in your opinion, is the indemnification clause legal?

I’m in Wichita, Ks. Looking for a mortgage broker to work with individuals who wants to lease to own. I will need to “screen” tenants to see if you think they will be able to qualify for a loan in 2-3 years. Then I will send people your way for a mortgage.

I need to find a good agent to work with as well as use my leads where they really need an agent. Trade leads???

I’m going to visit a property today that sounds really promising. Now I’m getting a little worried that I don’t know what I am doing.

Is there anyone willing to help mentor/guide me through my first deal?

I’m located in Wichita, Ks. This lady found my new website. There is an added component to this one. There is power of attorney involved.

@Jonathan R. I’m happy to hear it was overpriced. Doing some rough numbers on some of the properties sold last night, most were about 20% over what I would have wanted to pay. I was testing myself and thought I had failed.

Unfortunately, I’m going to miss the meet ups for June as I will be out of town. But expect me there for July.

Good evening,

Why I'm here.

1. Get out of debt.

2. My daughter's college.

3. Do something no one else in my family has done, RETIRE!

I'm sick of the corporate world. I'm tired of being someone else's employee. I'm tired of not being able to do the things my family wants to (i.e. I'm motivated!) I've always loved fixing things up. While I do face challenges, (no money and no credit), I know I am going to do this.

My plan

1. Find an investment partner

2. Have one flip done by 1/1/2020 so I don't have to rely on a partner to finance my 2nd flip.

3. After a couple of flips are under my belt and some cash built up, use the BRRRR method to begin building cash flow and credit.

4. Have enough of a passive income to retire in 15 years and pass the properties on to my daughter.

I sat in on a local auction tonight. I'm reading everything I can, listening to podcasts, studying the market, everything I can do. I'm contacting my acquaintances in the real estate profession, a few realtors, an inspector, the lady from church who works at the title company, etc.

My wife doesn't think I can do it (just more motivation). So for all of you who already have the bigger pockets and want to earn a few deals in Wichita, let me know what I can do for you so I can fund my first flip (willing to all the work with a 50/50 split on the profit after the sale).

Thank you for taking the time to read my introduction,

Tracy

"With God, nothing is impossible. Without God, nothing is possible." - unknow