All Forum Posts by: Brock Thomas

What’s your criteria? I have some in kc

Purchasing a home for $92,000 with an existing FHA 15 yr fixed at 3.5%, 11.5 yrs left on the note. The balance is about $77,500. The loan is with Bank of America. I called them today about assuming the loan. They said I had to owner occupy the property to do so. Without lying is there a way to do this? I’ve bought a lot of homes but mainly finance with my local bank. These are great terms I’d love to take advantage of. I would appreciate your help and hopefully can pay it forward soon.

No

Yes you need an agent. Interview the agent before you sign a buyers agency. Call a local company and ask for expert in where you are buying and the type Of real estate you want. Or better yet ask around for a referral from someone you know. Don’t meet the agent at a property, meet them at their office for a initial consultation. Be professional and hire a professional. Good luck!

I’m local and very active as a investor and realtor. I have talked to Nathan a few times. We have mutual contacts that speak well of him. I know a lot of the “turn key” guys here and I won’t trust many of them. If your looking to invest with a turn key company I think you found one of the better companies... maybe the best in kc. At the end of the day you need to run the numbers and double check their market research. It appears they do better work than most. Best of luck.

I have done this many times. First approach the house and try to talk to the occupants. Try to talk your way in the door to quickly assess the major parts of the house. Foundation, mechanicals, baths, kitchen. Find out what their plans are and if they plan on moving soon. They know it is coming... they have been notified by certified mail. It’s always best to offer cash for keys instead of doing an eviction but have a set timeline and strict criteria so you don’t get taken advantage of. If nothing else works hire an attorney but check on the place frequently to make sure they aren’t gutting it. If they are call the police. Most times I can get them out without an attorney within a couple weeks. Sometimes I get prorated rent while they stay there. Most people don’t know their rights so be nice but firm with what you expect them to do. Good luck

I am thinking about signing up with Open Letter Marketing company to do mailers for me.  They have given me access to listsource to narrow down my mailing area based on my criteria.  I have never done a direct marketing campaign before.  I have purchased properties mainly as foreclosures in the past but that market is pretty slim right now.  For those who have used this model can you please give me some insight into some success and failures you have had with this.  I do not buy lower end properties so I am looking for opportunities in mainly B class neighborhoods.

Equity bank is good. Ask for Kirby Coale

I am currently doing this on a property in Kansas City. I built my portfolio with the BRRR strategy before I knew it was called that. Most of my loans are with a local bank but I want to lock my rate for the term of the loan with rates trending up. So right now there isn’t really seasoning even for a cash out refinance like I am doing... lending has loosened up finally. So my loan will be sold in the secondary market to a Bank of America or some other large bank. They will go to 75% LTV. So I bought the home cash for $73,000. I will have $15,000 in the rehab and it should appraise for $140,000. Solid deal. I anticipate rent will be $1100-1200 month. Just finished painting it yesterday so marketing for rent starts today.

If you want a mentor put in some work first. Have some success and failures so you know what you are looking for. But most importantly look for deals and analyze them. If you are looking at opportunities and analyzing them quit now. If you find an actual deal you’ll be able to find a partner/ mentor. Nothing happens without the deal. Define your target market and start pounding the streets. Make connections with agents. Do something to deserve a mentor... or go pay $25,000 for it. That’s what people who want a hand out do.