All Forum Posts by: George Red

@Nad Oli I had a similiar situation to @Dan H. except the seller said they didnt want the tenants to know that they were selling so no estoppels. Following close I noticed that deposits and pro-rated rent were not provided at close, despite being mentioned in the contract. There has been a bunch of back and forth but to date I've collected some of the money back and we're in ongoing talks about how to resolve this outside of court. I'm counting it as a good lesson learned and I'll be wiser moving forward and trust my radar. All that to say... I'd advise reaching out to the seller/PM and talk it out, state your case and let them know you're not going away... see what if any headway you could make on the matter without involving courts. My initial conversations were contentious but became more reasonable and we've made progress, food for thought and you've earned another stripe on the arm of your landlord uniform. 

Hey all, I've closed on a few properties using a loan broker but have heard on BP podcasts  multiple suggestions to use a local credit union/bank for potential more beneficial terms. I've called a few but wondering if people here have suggestions for local institutions they've used and recommend for transactions in the KC market? Any help is appreciated.

- George

I received similar letters on my properties. What was the outcome when this happened in 2019? Were people pretty successful in overturning?

Hey all, long story short I bought an off market duplex in KC Missouri through a wholesaler. The wholesaler never gave the title company the tenant leases, so the closing documents didn't include pro-rated rent for the month we closed or the transfer of tenant deposits (which I admittedly overlooked while signing the mountain of paperwork on closing day). I've cordially sent an email to the seller and title company requesting pro-rated rent/security deposits and the seller is basically saying too bad so sad it should have been handled during closing (we closed early May).

I've purchased investment property before so maybe I fell short in assuming all required pro-rations/transfers were in the closing documents which is a learning on my part. Has anyone had experience with a similar situation where something was missed at closing and potentially addressed after the fact? I read the closing statements over and there is the "errors and omissions clause" below.

Any guidance/recourse or have I just learned an expensive lesson. I assume at a minimum the tenant deposits are not the seller's property and do not belong to him at all.

Any thoughts/guidance appreciated.

Thanks for the insight Roman, I'm an OOS investor with 2 properties in that box so was curious if there was something going on I didnt have eyes on. Open for any insight from others as well.

Happy Monday all!

Bumping this back up to see if anyone familiar with KC market has any insight.

Hey all, I've been monitoring different parts of KC and somewhat recently noticed a trend of very limited inventory available between 63rd and 75th going north/south and Wornall and Prospect going West/East. I attached an image showing plenty of inventory outside of that immediate area... any insight on why there is a bit of an inventory desert there? I see some properties post but they seem to get swooped up, am I reading this right as a potential hot-spot where inventory is turning over faster due to increased demand?

Thanks in advance for any insight.

Hey Wenqian,  I see you're in San Bruno... I'm in your neck of the woods in Pacifica. I invest in the KC market and this list linked below (provided by Lee Ripma) gives great details on the city by zipcode. Hope it's helpful.

https://www.biggerpockets.com/...

This post contains a listing of grade/status by zipcode for greater KC. It was added by another user named Lee Ripma so I cannot claim credit... sharing the resource. https://www.biggerpockets.com/...

Hey all, a reminder that the virtual get together is scheduled for tomorrow morning. If you invest in the KC MO area or are interested in doing so, DM me so I can extend the invite. Looking forward to connecting.

- George