All Forum Posts by: Kevin Scott

@Brian Rowles are you intending on keeping all the properties or flipping some.   If selling some of them get a realtor involved once you have a contract on them or before if you know them well enough.  That's the best way for anyone new.  Let them know they will be listing the property once your ready to list so they have incentive to help you out.  Comping isn't that hard but little mistakes can make a big difference.  

If you aren't ever selling and just plan on keeping then either pay the realtor for their time ask for a bpo. Or get with a local mortgage broker than can help you refinance your first few properties and they will be able to help you (or at least should) with value, they have to know value to be able to see if its worth even getting an appraisal.  A good broker will know the values and be able to do a quick desktop appraisal which isn't perfect but will get you close.

@Brian Rowles   Did you give either a try.  DId you mean blackbook pro or biggerpockets pro?

I know its a late response but myreipro is good for the price especially when you consider the cost to just buy the lists it provides for no extra cost. That alone makes it worth it.

@Derrick Perry   Myreipro is one of the tools I talk about in our in house training. I also suggest it to some people we are working with out of state.  It is an easy to use crm that allows you to easily look up property info.  It has a ton of great video tutorials and does quite a bit more.

Our company doesn't personally use it for the crm as we already have a crm that we have spent a lot of time training on and building out.  But I keep our subscription open just for the quick property lookup features and more important the list building.  It allows 10,000 property exports for around the 100 per month.  If you are pulling 10k lists from most other sources that's usually at best 300.00 or .03 cents per name.   Thats if you get a coaching discount or something similar.  Direct from listsource is probably closer to 600 or 700 for a list of 10k.

Deleting my own post :)

@Matt Ott yes lol. No emotion in his post at all. 

 I really thought I was adding some value but maybe not.  For anyone out there, being an accredited investor doesn't make you a millionaire.  If you exceed 200k in income a year you can qualify to be an accredited investor, Ive been one for 16 years.  (doesn't mean you should listen to me)  But yes if you have 1million in net worth you can also qualify to be an accredited investor.

I also thought I put numbers in my posts but didn't see any from the guy claiming emotions.  I had numbers and percentages in most the posts I put out there. The angry guys numbers were about my facebook reviews which obviously aren't relevant to the conversation or to my company as well since they are negative about cold calling and we don't cold call.  I tried to get them removed but its not that easy.

The best part is we use accredited and non accredited investors to fund our properties and they make more on my deals than they do investing on their own.  Usually between 25% and 100% annualized depending on risk but because I invest in Tacoma sometimes I'm low brow.   Not to mention the other businesses I use investors in.

My point isn't to bash anyone here.  I hope that isn't what is taken.  Everyone on here has different strategies and I am just pointing out that there are a lot of variables to consider and if someone wants to throw out a couple of deals to analyze here we can go into a little more detail as to whether taxes are really an issue. Sometimes they can be but generally I find they are just rhetoric.  Still need to be considered and again the post is valid and should be discussed but lets not get worked up about it.

@Jack B. I'm not sure why there is any need for that comment.  I specifically said "I'm not claiming the poster here is doing this". I even colleague requested you I believe.   I was simply trying to make sure others looked at the big picture.

As for Texas, the taxes as a percent are way higher than in WA.  I'm referring to percentages. The average property tax in Washington is 1.06%   The average in Texas is 1.86%  which is way higher than Washington.    Nevada is some where around 80 percent.   I buy in all three states and in a few others not just Tacoma so I do look a little at these numbers although I'm rarely holding any properties. In Washington specifically I buy from Longview to Seattle along I-5 though most the properties are South of Renton and Chehalis North.

In an example where property values are really high the asset value increases (on the average) more than the amount you pay in taxes so you are gaining every year on the average.  I understand If you intend to hold the property for ever that probably doesn't matter but it's usually not the tax that causes the issue its the property value in the first place being too high.  I do try to stay away from purchasing properties over 300k unless they are a really good deal because of this.  They don't rent for anywhere near what you would want to cover piti capital expenses and still cash flow with debt put in place.

The point is its not the taxes its the price of the property to begin with.  If you are buying and holding Seattle isn't probably the best choice if you are using your own money and trying to get a decent roi.  It's not the tax its the cost of acquisition.  If you are using other peoples money then your return is infinite anyways so maybe the higher price properties make sense since you need less of them. 

 For sure jay.

My point is simply that non standard loans are creeping in as well as regulations are slowly getting cut.  How far, we will have to see but I remember going to mortgage broker events where it was like a Tony robin's seminar and they were clapping and praising the stuff.   I've started seeing  these again.  From large banks not just hmls. 

The main thing is that it's always quiet before the storm so using that to predict anything is irrelevant.  Either way I'll be ok and you as well.

Norris group is a great reference.   And they do have some concerns.  I have some concerns with the private debt as it is almost reaching the levels in 07.  Etc etc.

But nothing is exact or for sure. 

I should state that the warranty is implied regardless of whether the contractor agrees to it and of course enforcement is usually the difficulty.