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All Forum Posts by: Kim Tucker

Kim Tucker has started 228 posts and replied 1951 times.

Post: Newbie from Kansas City, MO

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

Welcome, find your way to the MAREI Meeting on the 2nd Tuesday of the month - first time is free - its posted on the BP calendar of events.

Post: Asset Protection from Anderson Business Advisors or other firms.

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

Do they not have quality attorneys and CPAs in your area. If you are investing in Missouri you need to either have a Missouri LLC or register your foreign entity.

And I have found that these big marketing firms selling you LLCs in other states, (1) are selling you something and making a lot of money (2) your local guys will serve you way better and save you $1000s/

Being in Cape Girardeau I would find my way to a local REIA group in probably St Louis and ask for a local referral.

One of the nations top experts on this subject is teaching a workshop in Kansas City October 21st, but it's quite a drive from your area, I am driving in from the lake to host it ... however, this speaker has a ton of info and articles on the subject on his website IRALawyer.com

Post: Investors In Kansas City, Kansas or Kansas City, Missouri Area?

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

Thanks for the plug @Andrew Syrios

Post: Looking for money, Vice President of our bank lied to us.

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

Everyone at a bank is a Vice President these days.

Post: Investors In Kansas City, Kansas or Kansas City, Missouri Area?

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

First time is free if you pre-register - we post on the BP event calendar so you can find them 

Post: Different LLC's for Different Multi-Family Properties?

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

So as my Attorney Friends say, getting free legal advice from the internet or Google is not always advisable.

So from what I have learned from my attorney friends.

1.  Carry the appropriate insurance for your rental policies as far as building problems and also the liability.

2.  Have systems in place to protect your properties, periodic inspections of systems, stairs, common areas to ensure they are in good working condition and document so you can prove you maintain your properties in court.

3.  Then holding properties in a corporate entity - and I have heard this many times from many lawyers - what is your risk tolerance.  What they advised was if you had 20 properties, with no equity in any of them, then there was no problem with them all being in one entity.  But if one of them had say $100k in equity, you might want to carve that one out in its one entity so a problem in one of the others does not jeopardize the $100k in equity in the other property.

This is the topic at MAREI October 10th in KC.  See the BP Event calendar to learn more.

Post: So I'm a new guy. Entrepreneur going into RE investing.

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

Welcome  - check out the MANY live meetings in your area - I am in the KC area and manage a group there - we post the events on the BP calendar.  

Post: Construction Loan (For Buy and Hold)

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

So if you were to buy with a hard money or renovation loan, and you buy it right, you could buy and fix up a house with no money out of pocket with the right lender and as long as your purchase, reno costs and reno loan costs are under 70% of the value of the home, you could then refinance into a permanent loan and hold it.

There are some smaller local banks that have a rehab to permanent where you can buy the house and renovated it with the construction loan and without "refinancing" the loan converts to a permanent loan after the renovation is complete.

Post: Doing a small amount of property "management", legal questions

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

In Missouri, if you manage property for a third party for a commission, then you need to be licensed and working under a broker with all money running through the broker. 

 If you work for the owner of the property as an employee and you manage the properties as an extension of the owner and do not need a license.

In Kansas you can manage for others with out a license, but it is not advisable.

Post: How do I overcome my fear?

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

The largest meeting is in Overland Park on the 2nd Tuesday - details on the BP event calendar.

One of the best ways to overcome fear is education.  Learn how it works. learn the numbers, learn how to put together a contract.

Banks are not afraid to lend money because they have a formula

Borrower that has

1. Income or money

2.  History of employment

3.  Good credit showing they pay their bills and

4.  They only lend a percentage of the value of the home.

Investors have similar formulas, so they are protected if the deal goes south.  I have a deal we are working on now if the numbers work out the way we think, we make $30,000.  But if everything goes wrong, the worse thing that can happen is we break event, not a good outcome for a few months of work, but highly unlikely to just break even either as we have run the numbers and know they fit our profit formula.