All Forum Posts by: Luther Wilson III

Right on, @Stefan Hirniak

You’d certainly want to try and get the deed as part of the deal.  The due on sale clause is something that’ll rarely come up.  As long as you AND the seller make your respective payments each month and remain consistent with things you’ll be fine.  It’s certainly important to do your due diligence on the deal…  A clean title, a current mortgage, and a good note are just a few things you’ll want to confirm with the seller. I believe he’d need to disclose that there’s a mortgage balance as part of the purchase agreement agreement anyway.  I think to be compliant with TRID and or RESPA maybe? Either way you’ll want to dig into all that a bit.  How would you confirm that his mortgage is being paid each month?   And how would the taxes and insurance be handled each month/year? Just some things to consider and coordinate on if you do move forward with the deal…   Creative finance deals (in my opinion) can be some of the most lucrative but they absolutely have to be handled a certain way.  I think being a good person and practicing with integrity becomes especially important on these types of deals. Good working relationships and communication are key as there’s a lot of trust that is needed to get through the whole process.   🙂

Cheers, @Mac Nielsen

The answer your question:  it depends 

There’s the market location, the investment strategy, your risk tolerance and how much capital you have access to - just a few of many things to consider.

One thing I'd recommend is to get to a local REIA meeting. Networking and meeting other investors in your town might prove to be beneficial. What market are you in?

Whichever market you decide to invest in remotely - you're gonna need to leads. You can go word of mouth which is free but is gonna require a lot more time & energy or you could put together your own marketing campaign. Either way, once you get a good lead then you have some leverage… From there you can choose just how you want to exit. Whether it's wholesale, wholetail, fix & flip, BRRR or something creative - having that deal tee'd up and ready is crucial so that should be the focus - finding a deal.

Word of mouth for a lotta folks is their most powerful form of advertising…  Do you think that’d be effective for you as well? 

Bro, you might want to talk with a good CPA.  One that has experience with and is currently working with real restate investors who are doing what you want to do.  
Connecting with other investors in your area and getting some references from them is a vibe - see who they work with as their CPAs -  get 2 or 3 of them on a list and talk with each one.

You might look into Eddie Speed.  Mitch Stephens and Ron Legrand are two other highly seasoned investors in the note / owner financing space.

From there, it’d be good connect with some other investors who are doing what you’re looking to do.  In the specific market that you’re investing or wanting to invest in.  Ask how they find and structure their deals.  You’ll want to find out what documents are legit in that state and so on.  They may be able to plug you in with their attorney or escrow closer as well.  

I’d be looking to partner with other investors or wholesalers.  Also, I’d look to see if I could work for a local investor or investment firm somehow.   If that didn’t work, I’d look into working for a property management company or a contractor.  Pretty much anything to get into the game.  With that $10k savings - I’d put a small part of that into my own marketing campaign.  Back in 2012 when I was first getting into real estate - a buddy and I hand wrote our own yellow letters and we made our own bandit signs!  We got a list from ListSource.com and we went to town!  If you want something bad enough you’ll eventually find a way.  It may take some years but for real estate - the juice is usually worth the squeeze.

If you find the right deal for yourself then I’d say go for it.  If your plan is to buy as an owner-occupant then that’ll give you the best odds of the lowest possible interest rate and down payment. How’s that saying go?  “Don’t wait to buy real estate - buy it and then wait”?  I’m sure I botched it but you get the idea. 😉

If you got the money to do it and the opportunity is there - you might be kicking yourself later if you don’t seize it.  Are you familiar with “dollar cost averaging”?   That might be another way to look at real estate investing too.

Essential Property Services, LLC

Here are some of the services we provide:

- bids / scopes of work
- make readies
- renovation project management
- leasing
- rent collection

- maintenance coordinating

- comps / deal analysis

- real estate investing consultations

- off market deal finding

Reach out if you're investing in or interested in the Kansas City market.  Let's discuss what what see going on with the market and let's come up with a solid game plan for your investing.

Manager / Associate Broker - Luther Wilson

[email protected]

913.475.5755

www.eps-pm.com

Hey, @Jerry L., you might try Ted Anderson.  He's local to KC, very knowledgeable and can assist with a # of real estate & business related things.

Right on, @Nick Phillips.  There’s quite a bit to unpack there.  Are you bringing the deal and the capital or what? Who’s heading up operations and such? 

Like @Caleb Brown said, it depends on your respective roles and such.  A 50/50 split could work out well if you or your partner is just the capital portion and the other is doing all the work.  Then again, it’s whatever you can negotiate and the two of you agree on. You could consider taking a smaller split to incentivize your partner. 🤷🏾‍♂️

Let us know what you had in mind!  🙂