All Forum Posts by: John Ringgold

Welcome to the world of investing Dylan!  

While I had been working with investors to help them buy and sell homes for years, My wife and I also made the decision about 18 months ago that buying some investment properties would be a great opportunity to secure our financial future and help us get to our freedom number and "retirement" sooner rather than later!

In the last year we've picked up six doors and made a big dent by adding a significant amount to our monthly cashflow.

You're on the right track to start with real estate investing podcasts, I also suggest you pick up a few books from the Bigger Pockets library!  There is a wealth of information from super smart people with a lot of details and samples to learn from.

When you are ready, reach out!  I'd love to sit down over a cup of coffee to answer any questions you might have and share our experiences so far in this fun world of real estate investing!

R.com may note us as a hot market which is great for sellers getting the opportunity to capitalize on the investment of home ownership, however, buyers are discouraged as they continue to write offer after offer and continue to miss out.  My last listing had seven offers and only one won the bid... that is six buyers still searching for a home that doesn't exist.

What we are seeing, and I assume many areas across the country are seeing, is potential sellers would love to sell and make a move, but they can't find a home to buy because seller's aren't putting their homes on the market because they can't find a home to buy!  It's a vicious circle!

Topeka has also been noted as in the top cities to currently have the fewest listings.  https://www.realtor.com/news/t...

With fewer listings, prices continue to climb as the majority of properties listed are still getting multiple offers well over asking price.  As these homes are used as comps for the appraisal down the street, the values keep increasing.

Topeka has a population of about 126,000 with 56% of residences being owner occupied.

As of this morning, Topeka has 72 active single family homes for sale in the county.  In February 2021 this number was 81 and in 2020 there were 231!

Buyer's with FHA or VA loan's are struggling to win bids as the majority of the offers we have received lately have usually included at least one reasonable cash offer. 20.2% of the sales in 2021 were cash and 55.8% were sold with conventional financing.

With the promise of increasing interest rates, we feel it's a great time for investors looking to get out to cash in on their equity while home values are high!  

Topeka, KS would be a good option as well!  Maybe not as many opportunities as our population is around 120k, however we can hit the 1% rule and the cost of purchasing a house is commonly 20% less than the KC area.  Let me know if you'd like to chat more about opportunities in Topeka!

I recently met with, and was impressed by Travis States at States Construction here in Topeka.  (785) 221-6279

Most of the contractors I know are flooded with work right now, but Travis took the time to take a look at a job and put together a bid for my client.  Although he was busy as well, he was willing to find a way to get this job in his schedule sooner rather than later.

What kind of work are you needing completed?  Full flip?

We recently bought a duplex and shortly before closing we found out the person living in the unit was actually subletting from the lease holder. After closing we notified the lease holder that their month to month lease would not be extended. She said she would make sure the people would be notified and would be gone by May 1. This week we get a call from the person living in the house stating that our lease holder did not notify them. We expected them to be out so we could begin demo.

If they don’t leave, what is the process to remove them. They never had a written lease with our lease holder so are they squatting or do they have additional rights?

Any help or guidance would be appreciated.

Where’s the best place to find a hard money lender? I have some buyers with $45k down and are looking at an $80k house.

Was thinking I could find lenders on BP, but am not finding it from the app on my phone.

@Jamie Hemme my understanding is that once a home is sold at the sheriffs sale, the previous owner does have a 90 day redemption period to satisfy the loan before you would actually own the home. In this case, an investor must have connected with the previous owner and offered to pay off the loan for the owner, and probably gave the owner a little extra to sign a quit claim deed over to the investor. I don’t believe there is anything that can be done, beyond tracking down the investor and making them an offer to buy the property from them for a quick profit in their pocket if you really love and want the home.

@Jimmy Chao yes!  I have one and have discussed the arrangement with the current owner.  He was simply happy the one tenant pays for both leases.

@John Mocker Great ideas, I'll startwith my insurance agent and 

@Pat L.  What is a commercialundefined