All Forum Posts by: Jeremy Woods

@Jonathan R. thanks, I know you always keep a close eye on what’s going on. 

Sounds like things are getting competitive out there. 

@Robert Burris I completely agree, unfortunately I am only in town for a day or two every six months or so. 

@Jordan H. I agree, so I started one a few months ago but a lot of these people don’t see to have a website so I was unsure if I was missing something obvious. 

How’s it going everyone, I hadn’t posted in a minute so I felt the urge. I have been noticing a lot of off market properties going around in Wichita groups elsewhere. As Kansas isn’t a list source state I’m unsure how people are sourcing these deals or finding leads. Any insight as to how people are doing this or what you are seeing around town (bandit signs, billboards, etc) would be awesome and helpful. 

@Amber G.

The best thing I did was get my real estate license. While it doesn’t completely help with investing I was able to learn the ins and out of transactions and it did lead me to connect with some amazing mentors for free because they were agents as well.

Might not be the best option for you but I think there are so many routes that you can go and learn without having to pay much or any money.

With all that being said the best education I got was from my first purchase.

@Tim Andersen

Don’t let this give you a bad opinion of KC (my hometown) I purchased a duplex for the same price and manage it from my home now (Colorado) and cash flow around $900 a month. Depending on the area your purchased I wouldn’t expect much appreciation but hopefully you are starting to see some good cash flow.

Denzale DeBerry or Michelle Raza, both brokers and property managers 

I know which one you are talking about PM me, I have dealt with this seller on this deal specifically.

Hey everyone, I’m getting close to taking down my biggest deal yet but I have hit a snag. The insurance agent I normally use is coming in higher than I thought and that’s not even for full coverage it’s instead for coinsurance which I had never heard of on properties. One is that normal on commercial properties and two does anyone have a recommendation for an insurance agency who can do a 28 unit property in Kansas? Insurance in this space is more complicated than I expected.

I have large units but they are complexes of 4 units so I haven’t dealt with this part of the deal.

I’ve done a few cash for keys in this fashion, most often it’s someone behind on rent. Rent that I will never see so my deal to them is that they leave by the end of the current month.

If they leave at the agreed on date and with the property in the same condition as it was rented to them I will keep the security deposit and will not go after back rent.

If the property isn’t cleaned and empty by the agreed on date I will take them to court for not only the back rent but for all cost to evict them.

The two times that I have made this offer they have left the property by the agreed on date and the one time it was left unclean I used the security deposit to make the needed repairs. The most I was out on either cash for keys deal was one months worth of rent. In one of the scenarios I had it rented and two days later.

Don’t worry everyone I am a man of humility and will apologize once I talk to him about how I came across. You all will be glad to know that while more items have hit the fan since my initial post I have done well in giving an urgent yet rational response.