All Forum Posts by: Christopher Coleman

Hey everyone,

Here in KC MO its just about tax sale time. Our county database is almost out and we will have about a month to research properties and contact owners.

I was wanting to know about any experiences people have had with tax sales, things to look out for or be aware of.

Any input would be appreciated.

Thanks
Christopher

It always amazes me how expensive a rental can be in California. 2200 a month sec 8 on 210K? No wonder California is going bankrupt. I have no problem finding 20-30K properties that rent for 550-700 per month, here in Kansas City. Taxes average to 900-1100 a year. For 220K I could get a near move in ready 6plex that would rent for 650-725 per month.

Either way good luck out there.

Chris

I would have to agree with James, Quickbooks was the easiest tool for me to use. Also I got an app for my phone to make it a scanner/ PDF copier to track receipts and load documents to esign.

Hey James,

Good luck and thanks for the service.

I recently joined with KW, and have liked the people and atmosphere quite a bit.

I agree with Alex though, keep your mind open and never turn down opportunities for profit.

Hey,
I just recently got my license in KC.

It was a fairly easy process. I took night classes to work around my day job scheduled, and was done in a few months.

I think the KCRAR fee was about 800 dollars, the classes were about 500, MLS is 75 a quarter "If I remember correctly"

When I started I went with Keller Williams, they do a 70/30 commission split with a 100% cap out at 18K. they also charge 80 dollars a month in office fees. The office was very friendly and helpful, but the 30% commission was just too much. Lets face is my broker didn't do 30% of the work, why should I pay them for it.

Im making the switch to United Real Estate. They are a 100% commission broker, so you only pay a 320 dollar transaction fee on properties sold. No matter what the price. United also uses the same online resources that I enjoyed at Keller Williams, such as docusign, website building, contact tracking ect. To equal the same amount of commission pay out as Keller Williams, I would have to do 64 transactions at United.

I hope this is helpful, good luck out there.

Christopher

It really depends on the clement the property is in. If its a dry location or not the rainy season, then putting it off would be ok. If the property is in a wet location, you risk foundation damage by not routing the water properly. IMO

Wayne is correct. I've written many of these. Its the LLC managed by John Doe signed by John doe.

Sometimes you will need to provide articles of incorporation, showing who the managing director is.

Good luck out there

In KC here we have 3-2 5-2 5-3 properties we get in the 50-85K range "total price" that rent for 1200-1500. We just sold a 2-1 duplex for 60K that rents at 650 with taxes below 700 a year.

Let me know if you would want to see any examples.

Thanks

Hi Anna,
Welcome and good luck on your journey here.

Your topic is one that hits close to home for me. I'm the RE agent for a investors group working exclusively with out of state and foreign investors in Kansas City MO. We have been very stable here in comparison to the rest of the country during the GFC, and that has brought a lot of investors to the area.

You would not believe some of the horror stories Ive heard from out of state and foreign investors. Most recently I heard of a Cali investor who came to the KC suburbs and bought a 3bd 2ba ranch on a little lake I had never even heard of before for 380K. 380K for a suburban lake house might have been a great deal in SoCal but here that house appraised for 150K and the 3200 rents the first property manager promised "huge red flag!" ended up only being 1250! Even worse yet the property still needed 15K in repairs!!! luckily the renters put up the money for the repairs "never happens" The REALLY REALLY sad thing about all this, for 380K I could have gotten the same buyer a move in ready/rented historic 6plex for 250K with enough left over to get a Central Hyde Park 6 bed SFR CRUSHER, and do a flip project. I'm not trying to brag as much as just express how different the market is here.

I liked what the other poster said about making a real relationship with the people you choose to work with, don't just be another client coming down the pipeline. Get a flight and come see the city you're prospecting meet the people you would be working with. For some agents/investors/wholesalers it must be exhausting constantly prospecting for new clients to burn. Personally I would rather work with the same people repeatedly.

Anyway good luck

You sure have a lot more starting out than I did, use that to your advantage.