All Forum Posts by: Stephen Burtin

 I used to attend both.  I only attend WAREIA now because it's hard for me to make it to the other meeting due to scheduling conflicts.

WAREIA meets at Range 54 the first Saturday of each month from 5-8 pm.  The group is hosted by investors and it's a good place to network.  They usually start with some announcements, then they bring in a speaker (Banks, Contractors, Property Managers, Eviction companies, etc.) to tell you what they do.  Not much goes on about sales, but they are starting to let investors shop their properties at the end of meetings.  It's $25 per year to become a member.

REICoK meets at the boathouse on the second Tuesday each month.  The group is hosted by real estate agents and representatives from McCurdy Auctions.  They do a little more in regards to showing and shopping properties.  They also bring in good speakers.  The room is a bit more spacious, but you end up making connections mostly from the people that sit at your table, so if you need a new connection, either get comfortable moving around, or choose your table wisely each month.  It's free to join and attend.

If you're just starting out, I would go to both each month to double your exposure to people and topics related to real estate investing.

@Jonathan R.

I don't think there is anything wrong with investing in those areas, however, you know what you are investing for when you buy there.  I wouldn't bet on any appreciation in a "war zone" but what you can bet on is debt pay down and cash flow.  Most commercial lenders are looking to loan on 20 year terms anyway so in your case, the properties should be fully paid off 20 years from now.  You won't necessarily pass on appreciated assets, but you would be passing down fully owned assets that generate good cash flow as long as they are well maintained.  There would even be better margin to account for property management to watch the properties if your children don't want to.

To summarize, I don't think appreciation on your "war zone" properties will make you wealthy.  Your debt pay down and cash flow from those properties will.

Welcome! Make sure to check out the local REIA meetings. There is a wealth of knowledge in those meetings and ample opportunity to meet with local investors face-to-face.

Hey sorry, I didn't check BP last night so I didn't see the new messages.  WBC at 5 sounds great.  Hope to see you all there.

As long as the baby doesn’t come before Saturday, I’ll be there @Jeremy Woods! @Jesse Meisch @Cory Wells you should join if you can.

Do you have a time and place in mind?

Welcome! I am glad you are signing up for the REIA meetings. I assume you are talking about the Wichita Area Real Estate Association. I would also suggest going to the Real Estate Investors Club of Kansas. Going to both is a good way to speed up your learning curve and make as many connections as possible.

I am planning on going to both, however, my wife and I are expecting a brand new baby in early August so my schedule may not work out this coming month.  I will be sure to introduce myself in person when I see you.  If you have business cards, bring them!

Good luck!

@Darius Gary I wrote a business plan using the ultimate beginner's guide (see link below).  I have not used it in a formal sense yet, however, it was a good experience to put it together to get my plan on paper.  It gave me a better sense of my road-map on how I plan to get started.  It also encouraged me to pick a strategy instead of succumbing to the "shiny ball syndrome" of getting excited about every strategy that I hear about on the podcast or read about in a book.

If you want the bare minimum for your plan, I would suggest you include your Mission (what are your intentions), Goals (where you want to be), Strategy (how you intend to accomplish your goals), Criteria (how you will evaluate your deals to reduce risk of loss), Financing (how you intend to pay for your investments), Exit Strategy (how will you make money or cap losses when things don't according to plan), and a few example deals to show proof of concept to lenders and potential partners.

https://www.biggerpockets.com/real-estate-investin...

I hope this helps and good luck!

@Ryan Fox is referring to Kansas City Investment Real Estate.  http://www.kansascityinvestmentrealestate.com/

I have never used them myself, but when I did a quick google search to see what they are doing I stumbled on this website http://turnkey-reviews.com/directory/listing/kansa....  It looks like there are a few good reviews, but suspiciously they are all from 3 years ago.  You might be able to look up the people who wrote the reviews if you sign up for the site and contact them directly.

I  hope this helps.

Welcome! It looks like you are off to a terrific start and you certainly have the right mindset to succeed. If you are looking for other investors in the area I have had good luck at the local REIA meetings. Hope to meet you there!

@Dustin Burke I haven't done it myself, but I did find a helpful article.

http://homeguides.sfgate.com/can-seller-offer-owne...

Also, they talk about similar situations on the BiggerPockets podcast show #70.  To summarize the episode, it is not illegal, however, the transfer of the property gives the bank the option to call the note.  Usually not an issue when the seller continues to make payments on time, but may be triggered if they stop paying or pay late.

https://www.biggerpockets.com/renewsblog/2014/05/1...

I think they detail some specific situations where they use this strategy.  Hope this helps.

Stephen