Monthly Archives: December 2007

December 17, 2007 · 1:37 pm

Your First Meeting

I just had the honor of meeting a couple who are thinking of making their first real estate investment. And they are going about it in the right way, if you ask me. They have met with at least one other real estate agent, I believe. And they’ve met with a property manager. And they are asking me about attorneys and tax men and financial planners.

That is all said to say that I’m proud of them. Questions were pre-determined and on a sheet of paper. Of course, both sides were also trying to decide whether they liked each other and would want to work with each other.

For my part I was impressed with their due diligence to this point. Realistic and attainable goals were discussed and capacity to perform (on their part) seemed more than acceptable. So they passed my test. Did I pass theirs?

Whether I did or not I enjoy those first meetings. It’s a chance for me to measure the possible client’s interest and knowledge of real estate investing along with understanding their parameters for risk. I like to lay out on the table how I work, how I’m paid, what I expect of them and in turn what they should expect from me.

Don’t skip this part of the process if you are thinking about real estate investing. It’s more important than you might imagine.

2 Comments

Filed under Personal Real Estate Opinions

December 14, 2007 · 8:34 pm

Due On Sale Clause & KU Basketball

Bill Roberts wrote an excellent piece on his ActiveRain blog titled The Don’ts Of Due On Sale Clause. A worthwhile read if you have any interest whatsoever in that line of real estate investing.

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Allen Fieldhouse

Going to the Kansas vs. Miami (Ohio) game over at the new Sprint Center tomorrow. Can’t wait.

In the mean time, here is an excellent link to Mike DeCourcy’s article concerning Kansas’ Allen Fieldhouse. I’m 5288.

3 Comments

Filed under Kansas City Sports, Real Estate Investing

December 14, 2007 · 11:42 am

Remember To Focus

Focus on real estate investing kansas city I am going to keep this post short and sweet. What is your focus when it comes to real estate investing?

Now don’t forget that.

If someone comes to you with a property way out of your criteria, even if it’s me, just remember what you choose to focus on. When the time is right, you can expand from there. Make your money using your core criteria. From there you can expand.

But you need to get “there” first.

The Cold Hard Realities Of Winter

Kansas City ice

Owning investment property in Kansas City can be challenging. Especially in the winter time. If your income property is vacant in November, there is an excellent chance it will remain vacant at least until February. No one wants to hear it. But it’s true.

Yes. You can rent a house in December or January. But it’s much tougher. So what do you do?

First, if you are buying an investment property going into the winter make sure your numbers work knowing you may very well be holding the property through 3-4 house payments before any income begins to flow. Happily, this was my advice to a buyer whose property is still vacant now going on 58 days. But we bought so significantly below market that he is still way, way ahead.

Second, if you are unlucky enough to have a tenant leave or skip you can get real agressive with incentives. Maybe you could offer:

Second month free.
1/2 price rent for months 2 & 3.
1/2 security deposit.
Landlord pays utilities for first 3 months.

Those are just some thoughts. But don’t forget that you do not want this same situation next year. So if you sign a new tenant up in January, offer them a little something to get them to sign a 13 or 14 or 15 month lease. There’s no law that says a lease has to be 12 months.

Get creative. And make it happen. Make your Kansas City real estate investing business both profitable and stress free. Do you have any suggestions?

2 Comments

Filed under Property Management

December 11, 2007 · 12:21 pm

Blog Posts Worth Reading

Here are some posts I’ve been reading of late that I think are worth your time.

Radon Gas- In My Home?….Radioactive?? No way – Will I start to glow? (part 1) – Written by Brian Miller over in the Charlotte area (Hi Dad!) this is a great, informative article about the ever scary Radon Gas situation so much of the country deals with.

My 6 Investment Property New Year’s Resolutions – Written by Scott Ficek up in the Minneapolis area and worthy to get you to think about your goals and aspirations.

Reviewing Some Basics – Some Real Estate Investment Terms – What’s He Mean, Gross? – Jeff Brown brings us this reminder that it takes a while to know it all. And even then you need a refresher.

NAR Lifts Housing Outlook – Here we find Noah Rosenblatt calling out the NAR. And rightfully so. As a dues paying member of the NAR I would like to urge them to grab a clue. You don’t stimulate sales by lying to people.

1 Comment

Filed under Worth Reading

December 10, 2007 · 9:20 am

You Never Know It All – Get A Coach

I’m just like you. There are things I’m really good at. And there are places where I need improvement. I wish I could hit a major league curve ball. I wish I could hit the contested 22′ jumper as the clock winds down. I wish I had the answers to world peace and global climate change.

There is one strength that I do possess, however, that allows me to continue to develop as a father, a husband, a real estate agent and an investment counselor. I can recognize what I don’t know or where I will need help. Now you may not think that is a strength. But I do.

A little over a week ago a fantastic opportunity was presented to me. I knew that much. Trouble was, I just didn’t know what to do with it. I could see the profit there for whatever client(s) I was able to put together with this property. And I knew I could get paid handsomely for doing so. But I just couldn’t piece it together.

Jeff Brown - Bawldguy So rather than let it die. Or worse, rather than continuing to try to figure it out myself to the detriment of the seller and whatever buyer would be interested I picked up the phone and called Jeff Brown. (He’s the bawldguy on the right.)

For those of you unfamiliar with Jeff Brown he is a licensed REALTOR in the State of California. Jeff works with investment housing, like myself. But there is a major difference. Jeff has about 35 years of experience to my 6. So while I lacked the experience to put this thing together I knew there was someone out there that would be able to help me reveal the possibilities.

Coach Wooden I’ve written before about the importance of having a Coach in the field of real estate investing. Whether he likes it or not, I think of Jeff Brown as my coach. Thanks, big guy.

Now I don’t always run the play…but that’s a whole other story. 🙂

8 Comments

Filed under Real Estate Investing

December 7, 2007 · 6:47 pm

It’s Time To Call On Jaco Bay

I’m tired of internet spammers force advertising in the comments section of my blogs. The biggest offender here is JacoBay Condominiums & Resort apparently run by Ramada. I’ve called and asked them to stop spamming me and others.

The great thing is they advertise their 800 number on the website. It is 800.618.1897.

I am now publicly urging everyone…and I mean everyone in the blogging world…to call JacoBay. Just waste their time. It could be great fun. And here is the bonus: IT WILL COST THEM MONEY WITH EACH PHONE CALL!

I’ve asked their 800 number politely to quit bugging me. So now I’m just going to call them and let the phone go as long as possible. Maybe then Mr. Omar Cruz (the spammers screen name) will go bankrupt and then they won’t have time to keep bothering everyone.

Just say “NO” to JacoBay. I’d love to hear your opinions on this.

3 Comments

Filed under Uncategorized