New from the heartland, Wichita Ks

New from the heartland, Wichita Ks

Wichita, KS · Member since 2019 · 12 posts · 8 votes

Good evening,

Why I'm here.

1. Get out of debt.

2. My daughter's college.

3. Do something no one else in my family has done, RETIRE!

I'm sick of the corporate world. I'm tired of being someone else's employee. I'm tired of not being able to do the things my family wants to (i.e. I'm motivated!) I've always loved fixing things up. While I do face challenges, (no money and no credit), I know I am going to do this.

My plan

1. Find an investment partner

2. Have one flip done by 1/1/2020 so I don't have to rely on a partner to finance my 2nd flip.

3. After a couple of flips are under my belt and some cash built up, use the BRRRR method to begin building cash flow and credit.

4. Have enough of a passive income to retire in 15 years and pass the properties on to my daughter.

I sat in on a local auction tonight. I'm reading everything I can, listening to podcasts, studying the market, everything I can do. I'm contacting my acquaintances in the real estate profession, a few realtors, an inspector, the lady from church who works at the title company, etc.

My wife doesn't think I can do it (just more motivation). So for all of you who already have the bigger pockets and want to earn a few deals in Wichita, let me know what I can do for you so I can fund my first flip (willing to all the work with a 50/50 split on the profit after the sale).

Thank you for taking the time to read my introduction,

Tracy

"With God, nothing is impossible. Without God, nothing is possible." - unknow

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Investor · Wichita, KS · Member since 2017 · 584 posts · 813 votes
7y

@Tracy Liggett Welcome to the site.

I worry you may be putting real estate investing up on too big a pedestal.  Some of the most affordable real estate in the country is here. Cut expenses, do what you can to increase your income, and jump in. I bought my first buy and hold property with 8k saved up, I got a 10k unsecured loan from a credit union, and bought the materials interest free for 18 months with a Home Depot credit card that I secured after the purchase. You'll figure it out. I knew once I had the first house I'd find a way to get it done, I didn't care if it took a year. It's generally not sexy, it takes time.

McCurdy is overpriced (I suspect that is the auction you attended last night), sometimes you can find a diamond, but in general, putting a room full of investors together bidding against each other is not a recipe for a good real estate deal. Most of the properties I buy are less than 20k.

Good luck! There are several local meetups- Wichita Area Real Estate Investors Association meets once a month on the first Saturday of every month at 5pm at Douglas Avenue Assembly of God; free food and booze at Wichita Investor Club of Kansas that meets at the Wichita Boat House once a month at 5:30pm (the next one is June 11); and around the third Wednesday of about of every month a few of us get together at Old Chicago for lunch. Make it happen.

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  • Investor · Wichita, KS · Member since 2017 · 584 posts · 813 votes
    7y

    @Tracy Liggett Welcome to the site.

    I worry you may be putting real estate investing up on too big a pedestal.  Some of the most affordable real estate in the country is here. Cut expenses, do what you can to increase your income, and jump in. I bought my first buy and hold property with 8k saved up, I got a 10k unsecured loan from a credit union, and bought the materials interest free for 18 months with a Home Depot credit card that I secured after the purchase. You'll figure it out. I knew once I had the first house I'd find a way to get it done, I didn't care if it took a year. It's generally not sexy, it takes time.

    McCurdy is overpriced (I suspect that is the auction you attended last night), sometimes you can find a diamond, but in general, putting a room full of investors together bidding against each other is not a recipe for a good real estate deal. Most of the properties I buy are less than 20k.

    Good luck! There are several local meetups- Wichita Area Real Estate Investors Association meets once a month on the first Saturday of every month at 5pm at Douglas Avenue Assembly of God; free food and booze at Wichita Investor Club of Kansas that meets at the Wichita Boat House once a month at 5:30pm (the next one is June 11); and around the third Wednesday of about of every month a few of us get together at Old Chicago for lunch. Make it happen.

  • Specialist · Kansas City, MO · Member since 2018 · 331 posts · 148 votes
    7y

    @Tracy Liggett you are the sum of the 5 people you spend the most time with. I would highly recommend getting your wife on the same page with you. When the going gets tough, she needs to believe in you and lift you up. At the same time, if that motivates you-great. I just know having my wife’s 100% support has been the single most important factor in my real estate journey. Keep after it and hustle! 

  • Wichita, KS · Member since 2019 · 12 posts · 8 votes
    7y

    @Jonathan R. I’m happy to hear it was overpriced. Doing some rough numbers on some of the properties sold last night, most were about 20% over what I would have wanted to pay. I was testing myself and thought I had failed.

    Unfortunately, I’m going to miss the meet ups for June as I will be out of town. But expect me there for July.

  • Andover, KS · Member since 2016 · 44 posts · 17 votes
    7y

    I attended the McCurdy auction for the first time last night as well. I wasn't looking to buy, but trying to see what people were paying. I've been doing some wholesaling, and it was helpful. Next time I'll get there earlier to sign up some buyers for my list. Good luck to you @Tracy Liggett!

  • Flipper/Rehabber · Wichita, KS · Member since 2017 · 152 posts · 119 votes
    7y

    @Tracy Liggett like johnathan said the auctions around here are getting pretty close to full retail prices. Hasn’t always been like that, goes in cycles. I run the investor meet up lunch we do every month at Old Chicago hope you can make it in July. Good luck connect anytime.

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