All Forum Posts by: Jeff McCaskey

Yep she doesn't know what she is doing. Get a new one and get an offer in on it to get something going. Make sure of your exit strategy on this alright.... know that going in. both ex strat A and B.

Find an agent you like, get rolling. Remax and Keller Williams are companies started by investors, check with the local office and ask for the agent(s) that work with investors and talk with them.

Obviously if the house needs all that work and would be ARV of 450K ish, you can't even day dream about offering anything close to what she was suggesting.

Can't say for sure bc you didn't give enough information. But I look at deals almost every single day. Looking at this one and the price versus rent amounts etc (I pulled the listing up on Trulia) I doubt I would spend 251K on this property if it was me living there or was my cash to burn. Not much room for anything in monthly figures as far as I can tell.

Post all the details and people can tell you yes or no.

The thing I do happen to like is that it looks newer and seems to be upgraded with HVAC etc etc.

I can make the same supposed cash flow on deals here and only spend 50-60K to purchase - so 250K isn't to appealing for the same money from my point of view.

Galina, 

Maybe the best first business to go into is snow removal!!! lol. I agree on the picture slash profile slash BP thing!!!

Welcome!

Good luck!

In Kansas you would speak with the county treasurer. Usually the Sheriffs department will conduct the sales here. So checking with the Sheriffs department on that might be wise too.

What up B Rad???????

Welcome to BP my son! lol Hey I was just there in FT Worth last weekend man. Loved it. I think if I ever lit out of Kansas and needed a new home it would be Texas - of course I will keep my summer home in Wyoming for the cooler temps (have yet to buy this ha ha).

So, your'e about to get wet REI speaking. Good luck man, read, watch learn execute!

I am involved in this business because I want control of my own life and I largely have that now :)

I have no limit I impose on myself whatsoever. If I only end up with 1 rental I will be pissed at myself, but I have 7 now so I guess I dodged that bullet. If I never pass 100 units I will still be pissed at myself and I have 13 units now so I better get on with it. If I end up a billionaire I will be happy but struggle to give away enough money to make a difference without it going to the wrong people or being wasted - but that would be a good problem to have in my opinion.

I want to do what I want, when I want, where I want or the option to do nothing at all and to not worry about finances. And girlfriend that ain't gonna happen working for an hourly wage in today's world - so I bounced out of the employment thing and into REI (that day came naturally so to speak).

If all else fails...... Find someone to do it for you at half price......

I have a window guy and I get a good deal on the work I pay for. I get it way less than other people. Not going to elaborate on my particular situation but its legal and fine, I just got that from kicking *** and fighting my way through all the cost war bull **** that we all face in the industry and trying to make things more economical for myself.

Get out there and throw some elbows and meet the 100 people you will have to meet before you find this discounted guy for class A work and keep it all legal.....

The worst case scenario is that (just saying) you bought the places for to much money and didn't leave enough room for this work to be performed so to speak. But trust me, you look hard enough and you will find a more reasonable guy!

In addition, so I always have an idea what a property is worth right. So often times I will get the assessed county value to see where they have it priced and what the list price is currently. That can give me some food for thought on the situation as well as give me the current tax bill for the year which should be included in your eval of the cost of ownership. However, you then know if you buy this property and any work you do to it makes it look better or adds value etc etc, your property taxes will then increase and you can use comparable property research to find out what to expect for the newly assessed property tax rates after you rehab - this would make sense in a buy and hold deal not so important long term info to know if it's a flip.

I believe assessed values come from the county through complicated appraisal type work they like to do for everyone - then it gives a basis for property taxes that you pay. 

Market value then is what someone will actually pay for the property which has nothing to do with property tax valuations.

Most municipalities are "supposed" to be close to or within +/- 10% of what a private appraised value would be but that is a bit of a joke and not something to rely on by any means, but can be useful in some situations.

As Mark said, post the detailed info and people will be able to advise you on thoughts, options, strategies, etc, etc