All Forum Posts by: Ron S.

Cross-post from Tax/Legal Issues (hope I can do that, I couldn't figure out how to delete that one):

I'm not sure if this is common in KCMO, but here in Chicago, there are many attorneys that will appeal your property taxes and charge you 50%-100% of the first year's savings only if the taxes are lowered.

Do attorneys do something similar in KCMO? If so, does anyone have any recommendations?

Thanks in advance!

Ron

I'm not sure is this is common in KCMO, but here in Chicago, there are many attorneys that will appeal your property taxes and charge you 50%-100% of the first year's savings only if the taxes are lowered.

Do attorneys do something similar in KCMO?  If so, does anyone have any recommendations?

Thanks in advance!

Ron

Continued thanks to everyone responding!

@Lance Bautista  There are pros and cons to every type of real estate investing.  For me, fix and flip would require more time and coordination of contractors, etc than I have available.  Turnkey is much more hands-off, but you lose out on a lot of potential upside by doing the rehab yourself.  Essentially the turnkey company is doing a fix and flip to an investor, so they get the profit upfront and you as the investor get a low maintenance property for the long term.

Thanks everyone!

@Larry Fried With Chicago population decreasing and taxes rising I honestly didn't consider investing here.  Part of me also wants the separation from my investments -- if they were close, I would more much more hands-on.  I believe you already referred me to your NWI contact a few months ago! :)

@Craig Fitzsimmons  Thanks Craig!  It's a 3 bed, 1.5 bath.  The provider has in-house PM that I'll be using (8%).  As for deciding which one, first I decided on which provider and went with the one that had the best communication.  Then from their available properties, the one I chose just hit on more cylinders than the others: extra room in the basement, best curb appeal, best schools, best floorplan.

@Tom Ott Thanks Tom, agreed!

@Megan Phillips Thanks Megan!  Make sure you read up on the pros and cons to make sure you're comfortable with it.  Turnkey is definitely not for everyone, with the key negative being that you buy close to retail and can't force any appreciation up front.

Hey everyone!

I just purchased my first rental property and wanted to share my story.

I started getting interested in real estate about two years ago and invested in a couple REITs.  A little over a year ago, I was invited to join a private syndication, and while I didn't end up investing, it piqued my interest in learning more.  I began to research a lot online (BP included, of course) and listen to real estate podcasts (up to 227 hours today!).

I decided to go the turnkey route (yes, I've read all the negatives and still decided it was best for me) and I narrowed my search to Detroit, Indianapolis, and Kansas City.  After talking to providers in each state, I decided to target KC for my first property.  In mid-December, I flew to KC to meet with three different providers and tour about 20 properties.  After running all the numbers, I chose one of the properties I toured and made my offer.

I had an independent inspection done with nothing major found and received a good bank appraisal ($3.5k over purchase price).  One month later, the title company sent a remote notary to my office and, 20 minutes later, I was officially a real estate investor!  My first tenant just signed their lease at the projected rent and I'm looking forward to keep growing and learning.

Feel free to ask me any questions about my experience.

Ron

If those CA properties are performing well, you may want to just refinance them and use the cash to purchase additional properties.

Thanks for the warm welcome everyone!

Hello there,

Long time reader, first time poster.

I live in Chicago with no real estate investments yet. I am interested in turnkey SFR in Detroit, Indianapolis, and Kansas City (with Pittsburgh or Rochester being a potential fourth). My goal is to buy and hold 3 to 5 houses per city in the $60-100k range and live off the passive income.

I'm ready to purchase my first 1-2 properties by year-end. I have a few turnkey companies I've found online and via BP that I've been watching, but please do recommend yourselves or others in my target markets.

Looking forward to connecting and networking here!

Ron