All Forum Posts by: Kim Tucker

we sell a lot and not all cracks are bad.

Hairline cracks with no movement - we just seal or epoxy inject and go on.

Cracks that are substantial with no movement we also seal.

With movement on the wall we ad beams that tie into the floor and the main house to hold the wall up.

with cracks in the floor with movement, sometimes you have to put a pier under the foundation.

When ever there is visible movement of the wall or floor we get an engineer to tell us what to do and give that to the foundation company to use in their bid.  We do not have the foundation company tell us what needs done, that is sort of like letting the fox watch the hen house.  Get a report from a disinterested 3rd party engineer who has nothing to gain by telling you what to do.

We are working on getting a good list of topics that we would like Dave Green and Shawn Banks to cover at the MAREI meeting in September.

Please comment back to this post with your top issue you have had to deal with of late when getting a deal closed.

some brokerages have a monthly fee, some do not.  They all vary in the percentage of commission they take as well.

Welcome

The northland MAREI meeting and the main monthly meeting at MAREI have a minimal fee, or for $99 a year you can attend all of them for no extra charge - northland is in person, the main meeting is still online, both are great ways to connect and learn.  WE have also added a member's only mastermind

So buying subject to - is when the seller is highly motivated, you build a rapport and buy the house and title changes into your name, but the mortgage says in the seller's name.  You make the payments, usually, until it pays off or until you sell the house or it makes sense for you to refinance out of it.

You just missed our workshop we held on creative financing where we talked a bit about seller financing, where the seller finances your purchases.  The seller acts as the bank as well as Subject To Investing.

There are a lot of different people who teach the concept, not sure if there are any here on BP - maybe @Coach Chad Carson .

@Ryan Guffey, I'm not sure what you are asking?

Is it practical to get a license via the nights and weekends, yes, it just takes longer.

Is it practical to get a license to only be an agent around your day job - sure, lots of people do it.

When I got started I was very quickly a full time agent, but didn't know enough about being an agent to make it profitable.  I got my license to be the agent for our investing so we could run comps, go look at houses and list our own homes.  And it was worth it there, but I still was not making enough to make it worth my time and feed myself so I went out and got an additional job, that just just happened to be in real estate and used the license.

But my license did pay for itself and back when I did part time agent around my investing, I was earning on average about $20,000 in commissions from buying my own listed properties, and listing a few properties here and there. 

Now we have our own brokerage and it's just my son and I, but we list almost all of our investment properties, saving us 3% in commission that we would be paying out - probably somewhere around $40 and $60k a year.  Plus we list a few other properties that don't fit our investing criteria - nice pretty houses, small multi family and apartments.  That brings in a lot more in commission.  But the agent part is still around our day job that is now buying houses, managing a few rentals and running MAREI.

Buying the house subject to the existing financing - little cash needed.
Buying with seller financing - little cash needed.
I spoke with a hard money lender yesterday that funds a lot of investors with hard money so they can buy now - with 100% financing, do some minimal things, and then in 3 to 6 months refinance and get their money back.

I think you will find another person here on BP who owns a lot of doors in KC, who buys rentals with Private Money, rehabs, rents them out, and then refinances.

All variations of the BRRRR strategy that requires very little of your own money, it does require you to buy it right, and but no money needed.

You might reach out the RE Investment Group in Springfield to see if they have any recommendations