All Forum Posts by: Vicki Stewart

@Douglas Larson 

Although your comments here are over a year old, I just recently discovered this thread. You mentioned your exit strategies include partnering with builders on specs. I'm considering that strategy as well but am unsure how to structure it. What are some of the ways you've structured these partnerships? I assume it may vary depending on the deal.

I'd appreciate any suggestions you may have.

Congratulations on your first contract Harry! 

I'm so glad you asked this question. I've recently decided to focus on vacant land and have been going through every piece of info I can find. I'm interested in seeing the responses you get.

Just before I saw your post, I was reading the latest blog post by Seth Williams. It's a good article and related to your comments on the title search. Check it out if you haven't seen it yet. 

Maybe Seth or Mark Podolsky will chime in here as they both have a lot of experience in the land niche.

This is exactly what I was looking for when I got on the site today. Gotta love BP! Thanks everyone for the great info. 

I have a couple questions to add. I'm guessing it may vary by state but what deed do you use and is it different depending on whether you're buying or selling?

@Katy C. Just came across your post and wanted to welcome you to the KC market. I like the Raytown area too. I have one property there now and may have another soon. Let me know if I can help in any way!

@Carlos O. @Thomas Hallensleben 

@Bill Gulley made a good point that there are many jurisdictions in the KC metro area. The rental registry I mentioned is for the city of Kansas City, Missouri only. 

The issue of doing business in your own name vs an entity is something entirely different. 

In KCMO, you have to register rental property whether you own it in your own name or as an entity. I only mentioned the rental registry because I think many are unaware of it and I've never seen in discussed in the forums. Here's a link to the registry: http://kcmo.gov/neighborhoods/neighborhood-preservation/rental-property-registration/

I'm not sure about the other municipalities because my property is in KCMO. 

I hope I didn't muddy it up for you too much!

I'm not aware of such a requirement in Kansas City. However, there is a rental registry requirement. It's a simple online process and is free but there's a fine for failure to register. 

@Account Closed  I'm fairly new to all of this so maybe I'm missing something but this is suspect to me. After he sells the property he has no control over what is done with it so why does he want to wait until after the sale? Does he want to continue to use the land for his livestock? If so, why can't a lease for that portion be included in the purchase contract?

@Tom Suvansri 

Makes sense. You may eventually decide to invest out of state but starting locally will provide good hands on experience. 

@Tom Suvansri 

As someone who lives in a hot market right now, I’d like to offer some points to consider from my own observations.

While I know there are reputable turnkey and nearly-turnkey companies out there, I want to stress the importance of trustworthy, local boots on the ground. I’ve seen situations in my local market that seem to work great for out of state investors until…well…until they don’t.

It’s not too difficult for someone to say they are going to take care of everything for you and send you the rent checks. You start getting checks and everything is fine for a few months or even a couple years. Then, a city worker calls you about a code violation your property manager never informed you of. Or, when there’s a turnover, your property manager suggests you may have to drop the rent this time because “the market’s saturated right now.” While that can happen, it can also mean the PM didn't do a good job of getting it rent ready or the property is deteriorating because he/she is slacking. I've seen both of these situations and more.

I definitely see the advantage of buying turnkey but it involves more risk because you only have one team. If you build your own team and acquire properties from an agent or wholesaler, get bids from multiple contractors and have a separate PM it is more likely that someone along the way will alert you to potential problems.

I’m not saying you shouldn't use turnkey services. The point I want to make is that due diligence is not just for properties, it’s for companies and individuals as well. Find find someone local you can trust to give you good referrals and/or out of state investors who have held property with the same turnkey company for at least 2-3 years.

Best of luck to you as you begin your real estate journey! Keep us posted.

@Zachary Martin 

Welcome to BP! It's a great place to learn and network.

If you do decide to look out of state and want to consider KC, I'm happy to answer any questions you may have about the area. I've lived here for 15 years now and love it so I enjoy showing others around, so to speak.

Keep digging through all the great information here and stay active. You'll find the path that's right for you.

Best of luck!