All Forum Posts by: Alex Olson

Quote from @Joe Maris:

Quote from @John R Kepler:

I wish you well in your search. I forgot to mention that our closing agent is a primary realestate attourney and investor. I have just been honest with folks, admitting that there are many more things I don't know than do know and that I am building a team to fill my short falls. People have been eager to help in pointing me to the best people they know. Some of that may be that I have deliberately chosen a smaller market/city where folks know most everyone who needs to be known.

 Thanks. I'm in the Kansas City market. I've had others make recommendations for professionals that can help, but few of them even reply when I contact them. I'll call, leave messages, send emails, website inquiries, etc. Almost no one will reply, and when they do, it's because I've just kept badgering them. It's weird. I would have thought that these folks would be eager to take on a new client. Anyway, good luck to you.

Hey Joe - I am not sure what type of professionals you are being referred. When I refer a professional to an investor I do a personal introduction as often the professionals I am referring to don't take on new clients because either they don't have time or don't want to. But, when I do a referral, they appreciate my clients because they know they are real, are not tire kickers and are genuinely good people. So - next time ask them to do a personal introduction!

My clients have always disclosed it at some point during the contract or contract negotiations. You only have to legally disclose this at any point during the contract before it is closed. At times it is an advantage to disclose it early and others it is not an advantage. Do whatever you, your agent, and QI are most comfortable with regarding your situation. 

I think it is a great market just north and east of Liberty. Yes it is a a bit small but the metro still powers the town and it is still part of the metro. 

Do you want to invest in a tech boom type of location or a recession resistant location? Low taxes, landlord friendly, low barrier to entry, and "can't miss" investments are what people are attracted to about Kansas City. It is a master of none but has EVERYTHING. 

Are you staying in your home market or looking at out of state?

What are your real estate investing goals? Cash flow more than appreciation? Appreciation more than cash flow? I always buy with long term and short term in mind so you know that you have added value to your wealth in a short period of time. Some markets like KC are great for cash flow and if you buy right can be amazing for appreciation. Hope that helps. 

I am aware of several sets of fourplexes here in the Kansas City market. Look forward to chatting about those. 

Great work on your 1031 exchange. That's how you are supposed to do it. Congratulations! 

Quote from @Michael Hayworth:

I have a mid-size mult-family unit under contract. There is an opportunity to sell one of my existing 4plexes quickly through a wholesaler to help with cash flow. Is it possiible to 1031 that money into the purchase of the larger property? My understanding is that I can't have taken title to any part of it, which wouldn't be the case, but it's my first 1031 Exchange and it seems worth checking. I hear about having to identify lists of properties for potential purchase, does already having a property under contract affect that?

 How long have you owned the fourplex that you are willing to sell? If it is less than Year may be a tough sell to the IRS but there are always exceptions. 

Quote from @Joan MacDonald:

Quote from @Alex Olson:

Quote from @Joan MacDonald:

@Joe Almeida Thank you. A 1031 isn't likely for me with its tight timeframe, but I do like the "owner will carry" option / holding the mortgage. 

 Are you not sure you will find a replacement property? What market would you be willing to trade in to? I have 5-10 cash flowing deals off market right now in Kansas City area. 

 Thanks Alex. I'm reticent to invest in a residential market I know nothing about. Re your deals, why are they off-market if they're cash flowing? 

 Happy to chat more about it but we specialize in off market deals for buyers. We have an entire system built around helping new investors come in to kansas city. We help with getting in contact with property manager, insurance, local lender, legal etc...we take a fee from the seller who has asked us to keep the deals off market so they are not bothered and disturbed by tire kickers and buyers who won't perform. We also provide statistics regarding kansas city etc...to get your comfortable in a market you are not familiar with (yet). Sort of a white glove service.