All Forum Posts by: Charles Granja

Hi,

Does anyone have any recommendations for a handyman in the KCMO area? 

Seasoned investors will tell you to buy but also have 500 rental properties and access to a plethora of resources that enable them to purchase at steep discounts. They also make less mistakes. They are leveraged and protected by their previous purchases after the 2008 crash. In a market with this much volatility cash is extremely relevant. You could lose 7-8% from inflation, 30-80% of your stock portfolio (current), or 50-100k on a 250k investment with a 4-1 leveraged position (near future). Make sure you understand the risks, most would say the state of the market is very concerning and that we are the top of the market cycle. 

I am selling my primary residence and renting. I am keeping my investment properties and will continue to buy but cautiously. No one knows what will happen with the market. The reality is that house prices are way too high and I hope they come back to earth in the near future so that more people can break-in. 10 years ago I could purchase investment properties for 30-40k in 64132, now the same properties sell for 130-140k. Everyone talks with absolute certainty about real estate because they have made a great deal of money but there are market cycles for every asset class. If real estate doesn't correct no one will be able to afford it in the coming years.

So 10k over list and not paying 15k for assessment fees? Sounds like a good deal if you property is valued at 210k. But is it? How many offers are homes getting in this area? What do the comps say?

If your friend is the realtor they should do a CMA and show you the comps so you can make an educated decision. Alternatively, you could order an appraisal but you shouldn't need to do that. If you are questioning this, I wouldn't sell off-market until you have answers. I'm sure you are fine in this situation but you need to cover all your bases to protect your net worth. Also, congratulations!

Thanks for the help everyone! I am glad I reached out, met another lender along the way! 

Hello everyone, 

I am finishing up a property to sell but have found a property that I wish to purchase. I have just enough cash to purchase but will then be short on the renovation. 

If DSCR if based off of the income of the property and not my DTI, will a 10k personal loan affect the DSCR loan?

The property is above 1.25, my credit score is high, it’s 25% down 

Thanks for the assistance everyone. The situation is now resolved with no expense to me and the tenant will stay. 

I switched property managers mid lease due to the current managers accounting procedures. 

Today, is the day I switch to my other manager but I have been informed via email that the current manager has removed the tenant from the property.

Can a property manager remove a tenant without my consent if they have made payments on time? This seems unethical and could result in a lawsuit. 

Hey Matt,

Sorry to hear about your problem!

A lawyer won't do anything because the amount is too small, they would deal with anything outside of small claims, and even then they have a pretty significant fee for their work. I only know because I recently called one and asked a ton of questions!

Small claims court seems like the only option if you can't get your money back. I would be careful with what you say to him because it will be used against you in Judge Judy court. Police generally don't deal with these matters. He is probably saying that to protect himself in the case you take him to court. So, it would look like you stole his tools because he had covid

May be best to wait till he is not sick with covid. The good thing is you have a contract. If he's not licensed in some cases you can get your full amount of money back, but it depends on the state.

I wouldn't write off your losses if you are in the right. Small claims court may take a while, but contractors shouldn't steal money from you. It is unethical

I hope this helps, and best of luck to you. 

This is good advice. I need to better establish my network and my system. 

I have thought to use a wholesaler. I am currently on a couple of lists, but I could do more, and get myself added to more lists so I have more properties coming in. I will do that this week

I appreciate the feedback!