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All Forum Posts by: Luther Wilson III

Luther Wilson III has started 115 posts and replied 419 times.

Post: Kansas City rental investment

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Hey, @Brenda Mota, it depends on a number of factors... Your overall goals, your risk tolerance, what type of returns you'd like to get, how much capital you're looking to deploy, etc. Lately, we've been seeing some solid action on SFH's that have an ARV in the $100k - $150k range. Hit us up, we'd be happy to talk shop with you.

Post: Lender recommendations in Kansas city

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Hey, @Ryan Guffey, what types of deals are you looking to do?  Reach out; we'll have some contacts to send your way.

Post: Looking for Kansas City contacts

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Hey, @Shaun Keune, that's cool.  Your best bet might be to ask around and inquire directly with investors here on the ground.  Thing is, those quality contractors and property managers are going to be busy.  Most investors, especially those who are out of state, will have most of their issues stemming from property management and contracting.  It's gonna be a tough call either way...  Vetting them AND having realistic expectations is key.  Problems will arise.  How we handle them is the important thing.  Once you get your capital right, whether it's your or with partners, it becomes easier to find deals. And you'll be way more confident going into things.  Let us know when you're ready for a deal.

Post: Looking for Kansas City contacts

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

@Jarret Sa'o, Yes and Yes.  The turnkey route is a decent way to start.  There are lots of them available here now.  If you have your capital or financing straight then the next step is to start asking around for deals...  You'll get plenty of leads coming your way for you to filter through.  Let us know if you need a hand with any of it.

Post: Looking for Kansas City contacts

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Hey, @Jarret Sa'o, what are you currently looking to do here in the KC market?

We'd be happy to talk shop and share some of our experiences with you.

Post: Questions about becoming an appraiser

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Hello, @Account Closed, the process for getting an appraiser's license will take at least 2-3 years and I'd plan on spending a good $1,500 - $2,500 in courses, time, travel, tests, etc.  You'll have to take a couple classes, pass a couple of texts, and then before you're free to do appraisals on your own, you'll need to apprentice with a licensed appraiser.  The apprenticeship alone could take 2 years or so depending on your schedule and so forth.

I just ended a short-term contract with the Jackson County Assessment Dept here in MO and I got to work with a couple of MO appraisers for about 2 months.  I've also recently looked into getting my appraisers license and have since had second thoughts... 

As far as clasess go, if you're able to do the in-person course, that would be the recommended route to take; I hear one of the top instructors is Sharon Lowman.  Check here out online.  She does (in-person) classes every year in Sedalia, MO and they likely have some online options as well.

 I could refer you to some appraisers here in MO if you want to get their take on things.  Send me a message sometime if you want to talk shop.  By the way, the Jackson County Assessment Dept has a couple of employment positions that are available.  This could be a good way to get your foot in the door.  :)

Post: BRRRR Deal with a Twist!

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Hey, @Sean Sloop, we refinanced upon completion of the renovations while the property was still empty. The lender we're working with is rather flexible and wasn't really concerned what we do with the property so long as we can qualify and and can pay them. The interest rate and LTV weren't as favorable but them allowing us to refinance on a vacant property without a lease made up for it.

Post: BRRRR Deal with a Twist!

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Thanks, @Adam Reynolds!  We had strong interest from owner finance buyers within a week of spreading the word.  We hired a professional photographer to take pictures and we knew what price & terms we wanted beforehand.  There's a certain website we use to market our owner finance deals and we know a couple agents who work with owner finance buyers on a regular basis.  There's a ridiculously large pool of people who want to buy a home but for whatever reason aren't able to qualify through the traditional mortgage lenders process.  We have our ways of vetting them, of course, but in general, if you have the product and the price & terms that you're asking for it are reasonable, you will have an endless supply of potential buyers.

As far as our backup plans go:

1.  Adjust the price & terms of our owner finance deal

2. Go live on the MLS and resale it to an owner-occupant

3.  Get the property rented then resale it to another investor

4.  Rent the property out and keep it 

Post: Seeking Partnerships For Kansas City SFH Flips and Holds

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Seeking real estate equity partner(s) for Kansas City area flips and cashflow deals.  (WHOLE-TAIL // BUY & HOLD)

The plan is to whole-tail properties and build a solid portfolio of single-family homes, notes, etc.

Experienced, knowledgeable, creative, talented local real estate investor & realtor has walked and evaluated over 1,000 properties, closed numerous deals and is looking to team up with additional money partner(s) in order to accelerate growth in creating more income & wealth via real estate investing.

Access to not only the local multiple listing service but also the highest quality wholesalers, investors and deals directly from the source.  Local partner willing to walk the walk and put his money where his mouth is...  All of my commissions and personal fees will be waived as part of partnership and investing agreement.

Resume may be sent upon request.  Take your time to vet local partner, market trends & representation options. Come to town if you can, check out the deals, we will show you how the real estate acquisition & disposition process flows here and explore what the KC market has to offer!

**Looking to stay within the following parameters for each acquisition**

Property Values: True Appraisal Value between $70,000 and $200,000 for SFH's

Condition:  Move-in ready or repair projects less than $20,000

Purchase Methods:  cash, private/hard money, subject to the existing financing or owner financing

Disposition Strategy: 1.whole-tail off-market or via the MLS 2.owner financing

Attempting to find partner(s) or group with liquid capital ($50,000 to $200,000 and up). The terms, revenue splits, entity structure, roles, duties, etc. will need to be solidified in writing through a qualified real estate attorney.

Post: Kansas City BRRRR Project

Luther Wilson III
Posted
  • Real Estate Broker
  • Kansas City, MO
  • Posts 457
  • Votes 287

Congratulations, @Nathanael Troupe!  Let's talk again soon!  There's some fun and interesting stuff going on in the Kansas City market.  ;)

What's next for you?