All Forum Posts by: Jared Viernes

Also, if you would be inheriting tenants on the property I would try and find out as much as possible about them. Get any lease agreement and payment history and try and ask the neighbors what they think about the tenants. You might be inheriting a big mess which could give you more leverage in the process if you will have to pay for the costs of eviction.

As far as capitalizing on the knowledge of the tax issue. I would inform your agent. It is a potential leverage point although unlikely to be used directly in negotiations it does indicate that the seller is motivated to sell and will likely take less in the sale than asking price. Since the price has dropped several times already both the listing agent and the seller are probably itching to get rid of it as well.

Colton Phillips it depends on the contract the listing agent has with the seller. Chances are good the listing agent will have an "exclusive right to sell" with the seller and will therefore be working as a fiduciary and advisor to the seller as well as will get paid if the property is purchased in the listing period whether the agent brings the buyer or not. Long short is trying to talk directly to the seller won't accomplish anything. Let me first say that if it is being listen on the MLS then it is not much of a "deal". This means every other investor has seen this "deal" and for some reason or another decided against purchase. In the Wichita market, if a property MF has been on the MLS for a long time, the property is normally in a med-high crime area. If you are seriously interested in purchasing this property despite that. You should get a buyers agent. Why? Most of the time payment for an agent comes out of the sellers pocket. The sale will normally result in the commission agreed upon in the listing contract being split between the sellers agent/broker and the buyers agent/broker. This means essentially you will get the agent for no cost (free) to you. The additional advantage to you is the agent will act as a fiduciary to you (if you sign an exclusive right to buy) and the agent will be an expert in the local market and be able to confirm what the property should be valued at by conducting a Competitive Market Analysis (CMA) which is similar to an appraisal. If you want to be seen as a serious buyer to the seller and to the buyers agent get pre-approved for the loan now.

Colton Phillips if they are behind on taxes the owners are obviously not taking care of the property. You can get mailing address to where tax documents are sent. From there you can mail them a letter offering to purchase. Or even track down a number. Most delinquent taxes are mailed to so if you are interested in one property you can distinguish yourself by being unique and not a normal yellow letter. Follow up regularly unless they request you not. Just to show them how interested you are. Eventually they might want to sell and you will be top of mind. I believe tax notices are mailed out in November so user would be the most opportune time.

Colton Phillips welcome my man! Good to have another Wichita BPer.

I will soon become a Licensed Real Estate Salesperson in Wichita, Kansas.  I need to discuss marketing, purchasing, and contracts/assignment with an attorney to ensure everything I do is legal and ethical.  I would also like to have a good understanding of the probate process so I can both purchase and specialize as an agent in that area.

I am looking for recommendations for an attorney in the Wichita Kansas area who can provide me the expert advice in all those areas.  If anyone knows of a good attorney please let me know.  Or if you have any suggestions to assist me that would be appreciated.  The things I would like to discuss as with the attorney are:

- Direct Mail marketing as an investor/agent.

- Purchase as an investor/agent

- Probate process as a listing or buyers agent

- Probate purchase as an investor

- Probate marketing as an investor/agent

- Contracts for purchase as an investor/agent

- Assignment of contracts as an investor/agent

@Ryan Goodall, it is possible to use your VA Loan more than once. Talk to a loan provider and see if your situation is applicable. No hurt in trying. I think it is even easier if you are able to refinance your old loan. If that doesn't work out, you could always do an FHA loan with 3.5% money down.

Welcome Ryan, I was posted at Fort Riley. Loved it there. Try and house hack a place (purchase a multi family with you VA loan and rent out the other unit) in Manhattan. With Fort Riley and KSU nearby Manhattan is a great place to buy with a strong economy. I'd stay away from Junction City mostly. Just make sure you are getting a good deal, a lot of overpriced junk there too.

Marcus Gilbert didn't realize you said you were ETSing. Make sure to do sign up for all the Soldier for life classes not just the accessing higher ed. You will learn a lot of applicable stuff from the Boots to Business class and whatever the other one is called. Where are you going to school? Make sure the GI Bill pays the entire amount or you can get it paid with the Yellow Ribbon program.

Marcus Gilbert welcome Marcus! I just left Fort Polk last month (I was with 3rd BDE). My two cents as an Army vet and aspiring investor. Anytime you move to a duty station which has businesses and potential outside the post itself buy a multi family like Darrel suggested. I chose specifically not to cut down in fort Polk because the area is completely poor, the families in charge of leesville have a stranglehold on the economy and they do everything they can to keep non-resident entrepreneurs out. If fort Polk were to be closed for some reason the area would be absolutely devastated. Additionally, the amount of rain causes a lot of issues with housing foundations. That being said, if you find yourself stationed in Fort Bragg invest (southern pines), Fort Campbell invest (Clarksville), Fort Riley invest (Manhattan), Fort Benning invest (Columbus). All of these posts have additional sources of economic growth outside the military and have friendly cities to new business nearby. Use your VA loan to buy a multi family for no money down, but make sure it will still cash flow after you leave and are no longer getting BAH for that specific property as well as cover the cost of the PM. Do some more research and listening to podcast while you are at fort Polk and have a good idea what you are looking for when you next PCS.