All Forum Posts by: McKellar Newsom

I have a 4 prong approach in areas with theft. Add a cage, add an alarm, secure the crawl space (make it really secure if you have copper) and install motion sensor lights.

I've heard there have been some lawsuits regarding dummy cameras. I don't know the details.

If you are in a war zone, you can add an external siren alarm as long as the city is okay with it.

I don't know much about the St. Louis market but I've seen some neighborhoods there with really low prices and lots of foreclosures. Make sure you buy some equity.

When I look at a property, I usually look up and down first. My architectural style is a newer roof, a dry ceiling and dry floors.

When you do get the quotes, add some extra "just in case" costs. Good luck. mck

Great answers to your question. I have a couple of questions for you.

1. Where is the duplex?
2. What made you choose that town?
3. What made you choose that duplex?
4. Are you positive about the rehab costs?
I only ask because I've made mistakes in the past regarding the town, the property and the rehab costs.

I use CRS Data, courthouse retrieval service. It costs me 300 a year because a few of us go in on it together.

Double check expenses with Equity Trust and Pensco Trust. I know you can pay a little extra fee and get even speedier service at Equity Trust.

I have one at Pensco; my husband has one at equity trust. I like both but equity trust answers their phone every time. Pensco and equity trust are both national. Entrust is a franchise and has a national office as well. If you go the entrust route, make sure you can work well with the local office. In some ways, it would be nice to have a local company rather than a national one.

I'm not sure I trust the checkbook account with guidant. I looked at the IRS codes re self directed iras and there is not much there. Will the checkbook Ira be a red flag for audits? I'd go with another company.

I don't personally wholesale but I know some in the area. Feel free to contact me if you'd like their contact information. I started out flipping and turned the profits into rentals. I just buy rentals right now. I also work with new investors starting out buying rentals.

I am in Chattanooga,TN 2 1/2 hours from you. Are you currently investing?

If you want something you've never had, you need to do something you've never done.

I have a number of rentals with rents over 1,000. I made sure I "bought money". One recent rental in my favorite school zone cost 100k but could comp out today at 160-165. If you are in the higher end market, make sure you buy equity. If you later refinance your loan, you might be able to take our all your initial down payment.