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All Forum Posts by: Kim Tucker

Kim Tucker has started 228 posts and replied 1951 times.

Post: MAREI Meeting: Private Money Transactions - Kansas City Metro

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

Private Money Defined: Going by many different forms of private money, private lender, private partner, and more, private money is just that a funding source for real estate investment (or other investment) from a private individual that the borrower knows personally and that knows, likes and trusts the borrower and their investment enough to put their own money or credit into the transaction.

The Advantage of Going Private: Private Funding is so much easier than working with a traditional lender in that there is not typically a credit check or an appraisal process on the home so the transaction can close that much faster. And unlike working with a Hard Money Lender who wants points plus interest, a private money lender is typically cheaper, although they could cost more, depending on what the private parties negotiate. Some want interest, some want a flat fee, some want a part of the profits.
Why Would Someone Lend to You: Think about it, the average person has two places to park their money, in the bank earning virtually nothing or in the stock market that can be very volatile. If a real estate investor comes along that has a proven track record of real estate investment and can offer them a decent return that far beats the bank, but is less risky than the stock market.

What If I Don’t Have a Track Record: Most private money lenders and partners want to work with an investor who has completed a few deals, although some will lend to a brand new investor if the deal is sound. If you are brand new to real estate investing and have no track record of your own and have no experience at all in the industry, the next best place to find funding other than your own bank account is to work with the Institutional lenders at your local REIA group. Here at MAREI, we have numerous lenders who can help.

At the Tuesday, August 14th MAREI Meeting, we are inviting in a few of our own local experts such as

  • Investor Eric Granneman who has worked both sides of the private loan.
  • Investor, Dale Griffen, who has had to take back a few properties as a private lender
  • Investor Kim Tucker who has borrowed and lent privately.
  • Attorney Rick Davis who has been a part of numerous private transactions, joining us on how to keep everything legal.
  • And a few more members to share their experiences.

Join us Tuesday Night to learn more about:

  • How the average member who has borrowed privately found their lender.
  • What to look for in a good private lender and when you might want pass.
  • What the average member who lends privately looks for in a borrower.
  • What paperwork you must have and what additional paperwork might you want.
  • Why you always want to fund a transaction through a title company.
  • What instruction to provide your escrow closer as the lender.
  • Why you always want to record your loan and get original copies.
  • Why it’s not the end of the world if the deal goes south, yes sometimes a private lender has to foreclose.
Special Bonus: For everyone who pre-registers and attends the August meeting, we will be providing a digital copy of How to Get All the Money You Need to Buy Property by Alan Cowgill

This meeting is Free for all Investor & Business Members that Pre-Register Below. First Time Guests can also pre-register for their first meeting at no costs. Our Internet Members and all other non-members can pre-register below for $15 or pay $25 at the door. We encourage everyone to pre-register below.

Click Here to learn more and to Register to Attend

Post: Tax delinquent list in Kansas City MO

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

I'm sorry - the Daily Record.

Post: Tax delinquent list in Kansas City MO

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

Contact the Pulse legal or the legal Record - I know the Legal Record had the list ready last friday.

Post: Insurance for Rental in Kansas City

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

I primarily use their vacant property insurance product.  we don't insure rentals much.  So I can't speak for umbrella policies and multiple rental properties.

We did a quote with Arcana last week on two properties. that is a little more than 1/2 of what I am paying with my current provider and actually any vacant property produced I have used and I have worked with 2 of the top providers in the country over the past 10 years.  

I have always figured about $100 of cost per month per $100k of property on vacant property and of late have been seeing it be more like $119 per month per $100k.  My quote was $78 a month for a $200k policy.

And their system seems very very simple 

-Register for an account

- Request a quote

- Get quote  almost instantly

- Save the quote or buy the produced right there online.

- Purchase by the month, several months or by the year.

I have been watching Arcana for several years and here is what I have learned from watching them and from our conference call this past week.

  • They have not changed their name in the past 3 or 4 years that I have been watching them.
  • They don't have a lot of different office staff for me to keep track of when I need to ask a question,  Drives me nuts to contact my "account person" to find they have moved to a different division or are no longer with the company.
  • One single point of contact and I am hoping their website where I go to get new policies does not change regularly.
  • I don't have to pay an upfront deposit to open the account to add properties to as I buy and sell.
  • They will not close out my account when I have no properties in inventory. 

So going to give them a test this month to see how their customer service and payment program works.  I like simple and easy and not a lot of change. 

 It drives me nuts when I email my point of contact to find they don't work there.  Or I have this person for x, that person for y, and another person for z.  Or when you don't always have a property in inventory to have your account closed out and when you go to add the next property find your account is no longer there and you have to get reset up and pay a new deposit.

They use Lloyds of London as most of the companies I have worked with and their quote sheets seem to be the same coverage. 

I can't speak to their coverage for buy and hold, but I do think that for every service - Insurance, Title, Contractors that you should get a new quote from fresh blood every few years.  You might find your tried and true person has slowly been increasing your pricing or may not have quite the same customer service that they did when you started.  You might find that what you have is still the absolute best and you might also find that they are not.

Post: Houston Insurance INSANE!

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

Check out the insurance provider partnered with National REIA - through their buying power of 1000's of investors across the country, they have some great rates with Arcana - there's a special national REIA link on their site or PM me and I can send it to you.

I just quoted a vacant policy that was 1/2 of what I have paid with 3 other companies.

Post: Fairly New Investor in the Kansas City area

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

welcome

Post: Struggling to get find homeowners insurance for 4 unit....?

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

National REIA has a new Insurance Partner - Arcana Insurance.

I can't speak for rental property, but when I got a quote on the vacant properties we are buying, the monthly fee was well over 50% less than what Rehab Guard - NREIG was charging me.

If you visit benefits on the National REIA Home Page, or business associates on the MAREI page, you will find the link to Arcana with National REIA special pricing.

Post: Looking for BRRRR in Kansas City Metro

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

We will have a house in Independence in a week or so.

Post: Novice in Kansas City

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

I just know when we visited the friends farm and he outlined about $80,000 in income he was getting for land that no one was using and as a real estate investor, that just seemed amazing to me.

Getting paid for doing nothing from the government, getting people to buy his grass and he backs up to a landlocked nature preserve, so he gets paid by the government again to drive across his land so they can get to the nature preserve that they are studying for something.  Plus renting out the few mobile homes.

Oh, yea and he ranches cows on the rest

Post: looking for reliable contractors in kansas city

Kim TuckerPosted
  • Flipper/Rehabber
  • Kansas City, MO
  • Posts 2,001
  • Votes 710

Brandon, we have worked with Dallas Kidd and his family with Under Pressure, they have a rehab business, a maintenance company, a haul and trash out company and a staging company.  They manage everything very well.  Google Dallas Kidd and Under Pressure or PM me and I can give you his website.

We have also heard good things about @Michael Belman with M&M Property Pros - he's here on BP somewhere.

We have other construction suppliers that have installers.  Other contractors that attend meetings and a ton of vendors at most monthly MAREI meetings that have their own list of referrable contractors - but most of these Vendors are not on BP, so you can't get any input from there here.

For example - we have 7 different hard money lenders with a huge list of vendors they refer, 2 Title companies, a Cabinet Flooring Guy, 3 Property Managers, several wholesalers, and some companies that specialize in water and other damaged homes.

Hope to see you at a future MAREI meeting.