All Forum Posts by: Trent Kruessel

In reading this post, I'm getting deja vu.  This exact (almost) experience happened to me this week.

I wrote 15 of my own letters and sent them last week to a house I saw while driving for dollars.  The potential seller called me up and I'm viewing the property tomorrow afternoon.  The seller has owned this house for about 3 years and, after getting married and moving to a house in the country, they rehabbed the house in town and are getting ready to sell.  My letter arrived just before they contacted an agent (and kinda made them suspicious).  Lucky timing.   I don't think the seller has much equity in the house because they only owned it for 3 years, plus they rehabbed it so they are going to want market value or more.    I don't have much money to put down and my strategy is to buy and hold.  I think the only way this is a deal is if they have a good amount of equity in the house and they are willing to do subject to.  

I am fine walking away from this property but since it is my first encounter with a potential seller I'm going to get over some of the first-time jitters and try explaining sub2, practice my professionalism & negotiating, and try exuding confidence during the encounter.  Who knows?  Maybe I have it wrong and it really is a deal.

@Account Closed how did your first phone call help you with your second and third and so on encounters with sellers?  Any tips for a beginner?

In my short experience, I've found most of that information by calling or visiting the City Hall, Chamber of Commerce, and County Courthouse.  You will probably get transferred around a lot before someone is able to answer your questions but I've found by just being polite and grateful the answers show up quicker.  

For some of the utility information, you may need to call the provider directly (i.e. electric company, gas company, etc.) for historical data. 

Good luck, man.

Trent

@Alan McCoy,

The way I (a newbie) see it, there are 3 main advantages:

• MLS access, like you said
• the convenience of being able to view a property without setting up a time with an agent
• the savings you may see when selling a property because you aren't paying an agent's commissions/fees

Good luck, man.

Trent

Thanks. Will do, @Brodie Kern!

Great tips guys! Thanks a lot. 

I'm learning SO much from the blogs, forums, and the BP podcast. 

As I build capital and continue learning about REI in my area (Columbia, MO, Moberly, MO), I want to reach out and offer some of my skills and time to people that want to free up a few hours of their weeks. I'm a good handyman, Excel spreadsheet wiz, and hard manual labor worker. I can sweep floors, pickup sticks, create an automatically updating budget, etc. Anyone in the Randolph, Howard, or Chariton counties (in Missouri) that want odd jobs finished, please hit me up and we may be able to connect.

Thanks again for all the advice. 

Trent

Thanks for the welcome, @Jill DeWit & @Andrew Syrios

So essentially, has anyone ever formed an LLC by going through a website and DIY-ing it and then gotten burned/sued when something bad happened and the DIY LLC failed to protect you and your assets?
Is that close to what you are asking @Michael Seeker?  I would like to hear some success/learning stories on this too.

I'm Trent Kruessel (krEE-sul), a greenhorn real estate investor from Salisbury, MO (55 miles north of Columbia) and I have little to no experience.  I bought our house and farm at a public auction and luckily got a good deal but otherwise have no real estate exposure.  I'm a mechanical engineer and work full-time while my wife stays at home raising our family.

My goals are to have passive income from properties & investments to replace my full-time job. I think my area is best suited for buy & hold rentals so I am currently building capital to buy my first property (single family home). I'd like to buy my first 2 or 3 properties with cash, then form an LLC, and then expand and gradually become more and more passive in the operations (i.e. hire handyman, property manager, etc.) and focus on growing the business and getting deals.

I joined BP because of a referral from a friend and former boss.  I've been diving into business and finance books for the past year or two (Kiyosaki, Ramsey, Phil Town, etc.) and am addicted to finance and investing.

I'm here and ready to learn and work.

Hey fellow CoMo-ers,

Butting in here really quick.  I'm just getting started on my "Education/Research" phase of my real estate career.  I'm located north of Columbia ~50 min in the Moberly area.  That's probably where I'll buy my first rental and transition into the CoMo market after I've gotten some experience.

Goals: 1) own rentals locally 2) replace my full-time job income with passive income

Strategy: 1) reading business/REI books 2) build capital and buy first rental with cash 3) form LLC after I own 2 rentals 4) hire property manager, handyman, etc. after I own 5-6 rentals 5) expand into investing or other areas (i.e. Columbia, Kansas City).

Any tips or wisdom for a newbie like me in the mid-Missouri area?  Be gentle, I'm new. haha

Thanks,

Trent