All Forum Posts by: Seth Wilson

The county tax assessor's website. 

Here is an example of two local counties here in KC:

http://gisweb.claycogov.com/realEstate/realEstate....

(Search 10 N Poe and you will see my company Sierra Whiskey Properties, you can get more info such as the tax address and if you send a letter there asking if I wanted to sell I would get it)

https://beaconbeta.schneidercorp.com/Application.aspx?AppID=589&LayerID=9008&PageTypeID=2&PageID=4223

Because you don't make money owning property, you make money by buying and selling it. 

Turn-and-burn them baby!

I saw this property on the local news in KC. It seems there is a lot of interest. Good luck!

I didn't read all of the post here but yes, it is totally normal for the sellers to want an accepted contract or at least an LOI before releasing this info. Just make sure you have the standard clauses.

And all deals do stink...at least a little. 

Go through your phone, and facebook and tell people that you want to take them to lunch or meet up and tell them about what you are doing in real estate. 

You need to come with a game plan to show them as well.

But I would also change your photo, it is a little too goofy for someone to take you seriously. 

I use to do this when I was wholesaling. My tactic was to go to the part of town I was interested in and walk my dog or drive real slow like...when I saw the type of property I liked I would write down the address and look for the tax info online. I still do this to an extent now. 

You really need to familiarize yourself with your market and know where the product your clients want is. 

Good luck!

Just real quick: The capital reserve account that you are talking about is not an expense therefore it will not show up as one. Also there are a lot of associated costs such as legal, office expenses that will be rolled into General and Admin, often times those are missing as well. 

So far as the Schedule E's they are lying to one of 3 people: the IRS, you, or their wife. 

Finally your offer. I know that you may have a CAP rate in mind that you want to see for the purchase price but just go ahead and throw that out the window. You are buying the property for what you will make it not necessarily for what it is today. It is a tough idea to handle but once I did I have been able to make competitive offers and still do really well.

Using the 'search' function is a good start.

DANGER! DANGER!

A town of 5,000? Half of the workers work in the oil business? Transient tenants?

The market is THE most important aspect in any res. real estate deal. I don't know this town or where it is but from what you told me this is a solid pass on my end. OPEC projects that oil will be below $100/bl for the rest of the decade. It has already affected numerous American oil companies, when is it going to hit this town? (See Houston, TX a few decades ago) Transient tenants are very difficult to manage, and have a much higher wear and tear on the property. Finally, appreciation is out of the question. 

Make sure to step back and look at the bigger picture, good luck.

If the market rents in the area are $950-1000/mo, how are you estimating that you will be getting $1250/mo? 

Other than your potential rent being off base, it sounds like a good rough plan. But you will really need to work on the terminology and how you will present this deal to investors and lenders if you are using them. They will be much more sophisticated then the SFR crowd.

Good luck.