All Forum Posts by: Chris Lengquist

Doug Minton - Keeping in mind that he acquired most of his properties in oil depressed Tulsa in the 1980's and1990's, he was simply looking for rents to be twice purchase price.  That's how he described it, anyway.

$800/mo rent wold be a $40,000 purchase price.

Even he agreed that was no longer possible by the time 2002 had rolled around.  Thus, he began to sell.  Timing was everything for him.

But he did teach me cash on cash and Internal Rate of Return.  His philosophy, and now mine, is that the single greatest measure of a property is the cash on cash return.  If your money wasn't here, where would it be and could it earn at least as much?

One of my very first sales back in 2002 was a townhouse in Broken Arrow, OK.  I was basically "given" the listing by my broker. I got it sold a couple of months later.  The Seller then asked me if I'd like to sell another house of his.  

"How many did he own?" I wondered.

Over the next couple of years I sold 23 houses for him.  He taught me so much about what real estate investors look for in a home and how they do the math to see if it makes sense.  I was the real estate agent pupil. He was the mentor.  

I still haven't forgotten what he taught me.  When I moved to Kansas City in 2004 I brought that knowledge and created a special niche of working with buyers, sellers and exchangers of residential income property.  It has been a fun ride.

Why thank you, Wayne.

When dealing with banks, the rules seem to change. It's their property.  They can make the rules, so long as it doesn't violate local license law.  If you had nothing in writing, signed, sealed and delivered I'm afraid you may be out of luck.

Working with 100+ REO property purchases taught me that banks do whatever banks want to do. And that includes Fannie and Freddie.

So I've been aware of Joshua and Bigger Pockets since about forever. (Since before he moved to Denver, in fact.) I've even had a free profile on Bigger Pockets for most of those years.  There is so much good information to be found here that I want to begin to contribute more than I have. The growth of BP has been fantastic for the entire industry.

As our business has grown and become more profitable I find more and more of a need to start giving back to the investment property community.  I have definite ideas of what works, what is hocus pocus and the difference between high risk and conservative approaches.  And I've had the pleasure to shepherd dozens of my clients through the various risk levels to help them achieve their goals.

I look forward to meeting and talking to many of you as the future unfolds.