All Forum Posts by: Reggie Maggard
Reggie Maggard has started 80 posts and replied 326 times.
Post: Partnerships and joint ventures
- Blue Springs, MO
- Posts 353
- Votes 52
I’m looking to do partnerships in which I have control and give returns to investors. But my real estate strategy is to use it in the buy and hold space.
So here is what I’m thinking...if I buy a fourplex for 250k, the dp is about 67-70k...if I get an investor to give me that money, through an llc or whatever, how can I structure the deal?
I’m thinking like 8.5% interest only until I have enough equity and room to pull out that 70k and payoff investor. But that might take 8 years, so who is going to want to do that?
Is it best just to use my own money and go slower?
Post: I'm selling my long term rentals and buying beach property
- Blue Springs, MO
- Posts 353
- Votes 52
@Jason Turgeon I would say your discounting the free market...reviews on both ends makes this a winner. Bedbug? That’s not going to work for anyone? Safety issues? That person won’t be in business long. The free market is better than rules and regs any day
Post: Partnership exit strategy
- Blue Springs, MO
- Posts 353
- Votes 52
Ok, so Im looking to partner up again (I have been trying to figure this out for a bit now).
150k duplex
41.5k for dp/closing
112.5k mortgage
CF = 281/m
PITI and expenses=1017
Income = 1300
Now before everyone freaks out, I plan on getting this for 15k less but want to be conservative.
Im looking at IO payments of 193/m
8 year balloon/payoff of his 29k
At that point I plan on having his 29k with CF over the period, appreciations, principal paydown. Im putting 12450 in the deal and hope to have 60k value in the property at the end of the term and I will manage myself. But this isn't about a good or bad deal....
If we form an llc, can I write in the ability to pay him off and remove him from the llc?
Post: Real Estate Taxes Jackson County Missouri
- Blue Springs, MO
- Posts 353
- Votes 52
Originally posted by @Kim Tucker:
Jackson County Missouri tax assessments went out and some property owners saw huge increases - were talking CRAZY HUGE SPIKES for some. The deadline to appeal was June 24th, but it may not be too late as it seems there is now a class action.
We are not supposed to post links so be sure to search google for "
Property Tax Hikes in Jackson County Missouri Lead to Class ActionYOU COULD ALSO LOOK FOR
KCTV5 and Angie Ricono - she has a 6 part series.
Remember that issues like these are one HUGE reason you should be a member of the local Real Estate Investor Association where you live as they do their best to keep you informed. Your membership dollars help support this. If you are not a member of the REIA where you invest, I would suggest finding the group for your area and join. Many have simple internet memberships if you don't live there and this could make a difference in paying double taxes next year over this year.
Note that here in KC, that the assessment hikes could translate into huge tax increases, it remains to be seen what the individual cities will do with the assessments. if you watch the news articles you can see that many homeowners on fixed incomes could lose their homes to foreclosures and some investors could see their annual cash flow dry up.
It sounds like a number are going to be reassessed but I got an email basically saying things weren't changing
Post: First Time Investor Seeking Suggestions
- Blue Springs, MO
- Posts 353
- Votes 52
Originally posted by @Jeremy Helsabeck:
Hey everyone. I’m new to bigger pockets. I’ve been working in real estate and real estate tech for the past 7-8 years and live in the Denver metro area.
Because the Denver housing market has been so strong over the past 5-6 years and I was fortunate enough to purchase in 2013 before things got really crazy, I have a decent amount of equity in my home. I’m interested in taking a portion of that equity and hoping to begin my real estate portfolio. BUT, the question is where to invest...
I do not want to invest in the Denver area due to property costs, so I’m hoping for a few suggestions on location and what to specifically look for in a property or two. Any thoughts on Cleveland, Kansas City, Indianapolis, or others? I have approximately 75-125K to invest accordingly.
I would very much appreciate any feedback, suggestions, or things I should make myself aware of before taking the leap to begin investing.
All thoughts and comments are much appreciated!
-Jeremy
Why not partner up with someone and learn the ropes a bit, your in a great position.
Post: Kansas City New Property Values
- Blue Springs, MO
- Posts 353
- Votes 52
Originally posted by @Ben Hawk:
I wasn’t in KC but I paid my taxes under protest. Won the appeal and the county cut me a check a few months down the road
did you just appeal through the county website?
Post: Ok so what are the going rates and terms for investing privately?
- Blue Springs, MO
- Posts 353
- Votes 52
@Joe Villeneuve wow...I’m amazed that people would go that far out not having their money
Post: Kansas City New Property Values
- Blue Springs, MO
- Posts 353
- Votes 52
@Laura Williams it’s top to bottom liberal controlled...tax increases will be steady...
Post: Which Kansas City Metro is Better? Independence or Lenexa
- Blue Springs, MO
- Posts 353
- Votes 52
@David S. What are the terms? How did you find it?
Post: Dropping out of High School.
- Blue Springs, MO
- Posts 353
- Votes 52
@John Moorhouse do it