All Forum Posts by: James Kats

@Cassandra Brown

I have bought a couple of duplexes in the last year in Sioux Falls that have been above 1%, one of them being a 2% deal. It was an off market deal and in a low C neighborhood, but it makes good money. Most of what I buy in Sioux Falls though is stuff I have to turn into 1% deals though. Stuff that needs some sweat equity or a tenant or two kicked out. You are right about it being a seller’s market. I have my realtor’s license and I only buy off market deals here.

@Melvin German iii

Welcome to Sioux Falls Real Estate Melvin. It is a great city to do business in. Let me know if you have any questions.

@Jake Stuttgen I purchased a 14 unit C class property earlier this year in Sioux Falls and the appraiser said that he was appraising these on a 7.75% Cap rate basis. He gave me a list of properties closed in the last year at that rate.

Hey Mike!

There are lots of great investors and aspiring investors in the Sioux Falls area. It is a wonderful city to invest in. Just ask if you have any questions.

@George Munoz South Dakota's lowest agent level is a broker level, not an agent.  When you start in South Dakota, you are actually called a Real Estate Broker.  This requires much more class and testing to get in, which makes it more expensive.  If I remember right, the class is 120 hours (I may be off on that number.  Most of it is online though).  

@George Munoz that is roughly what it cost to go through the classes, take the tests, and dues for the local MLS for the first year, plus odd ball items like insurance ect.

@Cason Acor is right about it being illegal for us to offer a commission to an unlicensed person.  We could have our license taken away for it.  You would be better off trying out wholesaling.  You couldn't do contracts, but you could find a motivated seller and refer them to an investor that would write the contract with them direct and pay you a finder's fee.  Then when you are 18 you could get your own license.  Make sure you budget about $6,000 for it though.  Most people don't realize how much it is to get it.

Happy Hunting. 

The SDREIA meets on the third Tuesday of the month and the Saturday coffee group meets on the third Saturday.  You just missed them both last week, but we can hook you up for next month.

Hello Waylon! Glad to have you on board. Sioux Falls is a great place to invest in. I have been doing it just over three years now and love it. Are you planning on flipping it or holding it?