All Forum Posts by: Andrew Korver

@John Colin Rogers  I found myself in a similar mindset at 29.  However, my investments in Real Estate have been made possible by a decade of financial discipline, debt repayment (student, vehicle, CC, etc), and a focused effort to become an individual that banks are eager to lend money to.  

I would focus on establishing a career base, building a strong credit score, and eliminating as many personal expenses as possible (I too had to sell my shiny red car and "put my money where my mouth is").   Then you will have extra income to invest without putting yourself at a high amount of risk.

There is great income in the trades, plus valuable skillsets to be learned and applied later!  Get a strong W2 job, househack, and absorb knowledge while building your financial "Base".  

Matthew,

I am about 10 minutes away from you if you would like to meet up and chat.  I have some properties here in the Portland area, but am also investing in the Kansas City Market.

I had all the same concerns that you have expressed and jumping on a plane to spend a few days in the market, meeting the local operator that I was interested in working with, and physically seeing their work was instrumental in getting over my "mental hurdle" of purchasing out of state.

PM me if you would like to meet up.  

Cheers,

Andrew

Thanks gents.  I was able to locate a local credit union that was willing to play ball.  

I am running into a roadblock with my current financial institution opening an equity line of credit on a property in my rental portfolio. I have roughly 90-100k in equity and the lender is saying it won’t be possible to obtain a line of credit on a non owner-occupied residence. This sounds like more like their own institutional lending policy versus actual reality/regulation. Can anyone shed light on this? My understanding is that I should be able to access this equity without a “cash-out” style refinance. Thanks in advance!

Late to the thread, but did you build a relationship with a local KC concrete/asphalt  guy Andrew?  I am in need of an apron repair in 64138.  

Just a quick follow up as I get quite a few PM's from this thread.  I did buy a property through Bridge Turnkey (and also through one of Mike D'Arrigo's partners) and the experience was as advertised.  

A few hiccups along the way (within expectations), but nothing that would prevent me from our next purchase.  

Quick tip- Call local home inspection companies and ask which TK companies are doing a quality rehab vs a poor rehab.  They may have some great tips to share!  

Late to the party, but wanted to give my $.02 as well.  Bulldog Inspections is a fantastic inspection company and has been critical for our out of state buying process thus far.  Several of the TK operators have shared that Steve is often the toughest home inspector they deal with on a regular basis.  Good for the buyer, not always so good for the seller's negotiations.  Kimberly in the office is always available and is extremely prompt with communication.   

My $.02.  I currently use Cozy.co for tenant screening and monthly payment processing.  The screening process was smooth and I received positive feedback from my applicants and final selection.  

The payment processing works well but it is slow.  For payments paid by the tenant on the 1st, it will rarely hit the bank account prior to the 7th or 8th of the following month.    I also found the "user uploaded" renter's insurance procedure to be very clunky and abandoned it as a method of storing the policy docs.  

The selling point of Cozy for me was the very detailed and helpful videos they have produced for both the Landlord and the Tenant.  

Hey @Matt Lowery, happy to share my $.02.  I am under contract on two properties in Independence and Raytown and have been obtaining quotes for each.   I have Farmer's on my properties here in Portland, OR and have received quotes from a local KC branch as well.  These are 3/1 or 2/1 properties that have been fully rehabbed.  

I have found that most carriers are in the range of 800-1300 annually if you are looking for full rebuild cost with a $2500 deductible.  This would be decent "broad perils" coverage with loss of rents, 300k-1M in liability, and some small medical payments to others 1k-5k.  Each carrier quoted a different mix of coverage options on these line items as well.  

I found a carrier or two quoting in the $400-$600 range but am still comparing coverage info as they were drastically cheaper than the majority of the quotes I received.  Happy to share in a PM if you would like.  

I am interested in any progress you have made here.  I am in the process of acquiring two properties in Raytown and Independence and the quotes I have received from Farmers are over twice what the local folks are estimating on their turnkey ProFormas.  Anyone have a local agent they trust?