All Forum Posts by: Kim Tucker

Welcome to BP!

Potential risks - incomplete foreclosure.

Yes you can buy a property at the tax sale in Jackson County - but to sell it be prepared to find a buyer that will take defective title as that is the only way most title companies will close - some sort of CYA document stating it was acquired via tax sale and might not be 100% clean.  or you can complete a quiet title.

And make sure you GO SEE THE HOUSE.

In Jackson County houses make it to the tax sale for 4 years of unpaid taxes.  However many times they go pay the oldest taxes (year 4) for several years before they give up and let it go.  So a house could have been standing vacant for MANY years before it ever goes to the sale and just might be so bad that it's not economically feasible to fix it. 

trying to build your real estate investment team in the Kansas City Market - check out the MAREI event for July 10th posted on the BP calendar - it is a vendor expo - it's free - well costs a $5 donation.  There will be free food, a cash bar and an auction to raise money for Harvesters.  Plus 50 vendor sponsors plus many other attendees.  

We will have several attorneys and CPA in house that can help you.

There are many investor friendly agents here on BP and if you come to the local REI meeting as @Shawn Mcenteer suggests, at least at the MAREI meeting we have a room full of investors, wholesalers, realtors, lenders, attorneys title people - check out our event posted on the BP calendar - our next event is our 4th Annual All-Star Networking to benefit Harvesters.  Perfect opportunity to build your team and your connections.

I would start by letting you know that wholesaling is not illegal in Kansas or Missouri if you do it correctly.  If you do it incorrectly, then you can get into trouble.

Next to connect with investors who invest in the Kansas City Market, I would find the local real estate investor group.  I manage one of them that meets on the 2nd Tuesday of the month and I post these events on the Bigger Pockets Calendar, you can ask a lot of questions at our meetings and find a wealth of information about wholesaling on our freebie resources on the MAREI website.

There are many other great resources here on BP to learn about wholesaling.

Glad Kansas City is going so well for you!

1.  Do the provided numbers make the cash flow you want.

2.  Are the provided numbers actual numbers or proforma?

3.  Are all numbers provided and are they accurate for you

- numbers check out then go for an offer and get it under contract

4.  Verify all numbers ask for leases, rent rolls and tax returns to prove they are accurate

5.  Inspect units to verify condition and repairs needed.

just some of the due diligence steps.

So are you looking for Kansas City deals to BRRR or are you planning on Wholesaling, two totally different numbers?

If you are going to buy to rent out you would want an ARV for a rental property and factor in cash flow. If you are going to wholesale, the standard strategy would be value = 70% of ARV less repairs.

To find ARV - you find a source of sold comparables and look for houses, within the same subdivision if at all possible that is similar in size, shape, style and in the condition your end user would want - rehabbed for retail, rehabbed for an average condition for the average retail buyer, or rehabbed for a landlord.

The best source is always going to be the local MLS. But you can also look at sold properties - the solds, not the value estimates on sites like Zillow, Trulia, Red Fin, RealQuest

Mid-America Association of Real Estate Investors, 4th Annual All-Star Networking & Expo to Benefit Harvesters the Community Food Network.

Join us Tuesday, July 10th for our 4th Annual event.

Connect with Investors, Realtors, Lenders, Property Managers, Attorneys, Contractors, Title Companies, IRA Companies, Suppliers, Wholesalers, Turn Key Providers and MORE . . . all proceeds to benefit the local Kansas City Area Food Pantry.

Now registering Sponsors 

Attendees will be asked for a $5 at the door donation.

There will be food and a cash bar.

Get all the details and RSVP at www.MAREI.org

If you invest in Kansas City, this is the event you do not want to miss.  This is the one event of the year with numerous vendors and attendees and the time to connect and network.  Come join us and build your Kansas City Investing Team.  All Proceeds to Benefit the local food bank.

For our out of state investors who are learning about Kansas City, this is the perfect opportunity to meet local Kansas City sellers and service providers.  Make the connections you need to help you find and manage your properties in Kansas City.

Details at www.MAREI.org