All Forum Posts by: Lee Ripma

@James Gillice

You've gotten some good advice already so I'll just chime in with a few things that may be helpful. 

1. Very unlikely you'll ever get money out of the former tenants, it is probably not worth pursuing beyond keeping the security deposit. 

2. It is always best to sell from a position of strength, not desperation. I don't know exactly where we are talking about but I'm guessing it is KCMO urban core, some pockets will sell for high prices to owner-occupants. So if this is an option you might actually come out well on the sale. Owner-occupants will usually pay more than investors buying rentals. They do want a rehabbed product without much capex (turnkey). I would be happy to pull the comps for you if it would be helpful. We always tell our investor clients that owner-occupants pay the most so see if you can dispose of some or all of your portfolio to owner-occupants. 

3. There might be some value in your low-rate mortgage, like if you're able to sell as a lease option to owner-occupants. 

4. You are better off spending the time to make a good decision than making a pressured decision, see 1. on selling from a position of strength. 

5. Selling the house as is right now might cause you to lose some money but it will also allow you to move on, never underestimate the value of a good night's sleep. 

A lot of the above depends upon the location of the house, current condition, and what it will cost to get it up to rent ready status or for sale status. 

I commend you for taking to the forums to get some good advice on what to do!

Lutz Sales + Investments Assistant and Runner

Company description: Lutz Sales + Investments is a boutique real estate brokerage specializing in investment sales in the Kansas City market. We close hundreds of units a year and are seeking a motivated associate to join our team. Ideally, we find someone who can grow with us and take on more responsibility through time. There is a lot of opportunity in real estate for self-starters! This introduction to commercial real estate is not something you can learn in a classroom.

Duties:

Be present for inspections. Record videos and photos of each unit as they are being walked. Interface with clients, organize keys for access, take notes on condition. Must have the technical knowledge to take photos/videos from your phone and upload them to Dropbox or other similar media storage.

Take pictures and videos of properies as needed for listings, pre listings or leasing.

Post notice on doors for future inspections.

Set lockboxes at properties for future access.

Pick up keys from property managers, make copies, return keys after inspections and or appraisal. 

Placing for sale signs at the property and taking them down as needed.

Meet inspectors, appraisals, photographers, and tradespeople at properties

Errands on request and as needed.

There is a LOT of driving required. Mileage is reimbursed at the federal mileage rate but reliable transportation is critical.

There is a lot of interfacing with buyers, sellers, and vendors. Professional communication and appearance is required.

Duties if interested, not required:

Real Estate Sales - this could be developed at a later time if interested.

Oversee unit make ready - unit turn and rehab organziation and coordination.

Drone footage for listings - We have the drones, you learn to fly them.

Listing photos - Professional-looking photos for listings.

Requirements:

Driver’s license

Reliable vehicle (you will be paid federal mileage rate)

Already have or will get within 6 months - MO & KS RE license - negotiable

Comfortable entering properties, talking to tenants, paying attention to and learning about real estate

Profesional and friendly

Terms:

Hourly, miles and drive time paid from office in Overland Park

Track time, mileage, and expenses in Harvest - paid weekly

1099 contractor

Can become full time position after trial period

If you want to learn more about us I was on BP373 

I personally do a cost seg on every property that I buy, since I benefit from the losses generated. I use DIY cost seg for these small studies, feel free to DM me for my friends and family discount code. 

This is not tax or legal advice, just what I would do in this situation! 

@Mitchell Bumgardner

Warrensburg is a great little market for small MF, we often have both on and off market MF there. Several other options within 60 miles of Whitman AFB. Happy to put you on our active buyers list. 

Awesome work getting going, you’ll be amazed at what you can achieve in just a few years. 

@Dani Murphy

Or just pull all of this in one place quickly with VestMap.com! 

@Robert Schwenkler

I stick to location fundamentals, demographics, income, school ratings, crime, population and median income growth, and national credit chain indicators (Starbucks, target, etc). 
VestMap.com is not free but you can lookup this info for any location in the US quickly! 

@Ryan Edwards

Guide to Kansas City Zip codes

B+ zips

Blue Springs

64015

64014

Grain Valley

64029

Lee’s Summit

64068

64063

64081

Raymore

64083

Kansas City, MO

64145

64112

64101

Liberty

64158

Northland

64152

64151

64154

64155

Shawnee Mission

66217

66216

66219

66215

66210

Olathe

66026

66061

Prairie Village

66205

Gardner

66030

B zips

Kansas City, MO

64105

64114

64111

Kansas City, MO

64137

64138

64108

64111

64131

64110

Independence:

64055

64056

64057

North Kansas City

64119

Overland Park/Merriam

66202

66203

66204

66214

66212

66214

B - /C+ zips

Gladstone

64118

North Kansas City

64116

64117

Independence:

64052

Raytown

64133

Grandview

64030

Belton

64012

Kansas City, KS

66112

66106

C zips

Historic Northeast:

64124

64123

Kansas City, MO

64129

64130

64109

64132

64134

Independence:

64053

64054

64050

Kansas City, KS

66102

66103

66104

66105

Riverside

64150

D zips

Kansas City, MO

64125

64126

64127

64128

Kansas City, KS

66101

@Bobby Paquette

Trick question right? The market matters way less than the skill of the investor /operator! There are dozens of markets and hundreds of submarkets that will meet an investors goals and they can be successful in. 

@Remington Lyman

100% agree but I think the one you need first is a rockstar realtor and then you can get the other members once you have a deal UC that you’re pass contingencies on. No point building the rest of the team until you have a deal! 

This is not tax of legal advice! 
A high income earner and a REPS are a match made in heaven! As others have said you need to do at least 750 hours or more time in RE than anything else. Checkout Brandon Hall’s resources around REPS. You want to be an investor who buys real estate not an agent. Just my opinion on the matter!