All Forum Posts by: Dan Cumberland

@Eric Scheele - I've been looking for duplex to 4-plexes in the Overland Park and Strawberry Hill areas.  I'd like to get in at less than 200k before rehab.

Hi everyone!

I'm not new here, but I've just jumped back in after having my head down in my work for a while— so I wanted to introduce myself.  I'm Dan Cumberland.  I'm an entrepreneur,  blogger,  podcaster, and  photographer from Seattle.  I first joined BP as I was beginning my Real Estate journey as I was trying to find a way into the crazy Seattle market a few years ago.

I'm happy to say that with inspiration from many of you— I did it! 

Not only did my wife and I buy our first house, but (with a fair amount of elbow grease) we've created a couple small AirBNB spaces that pay our mortgage plus some (well, more than some).  It's been a game changer, and we're both so grateful.

Many thanks to this community for the constant inspiration!

Here's where I am now, and what brings me back out of the BP Forum woodwork:

We've built up our savings and are ready for the next investment.  We're in active conversations with a few RE Agents in the midwest, but we haven't found the right opportunity yet.  Looking for multi-family wholesale properties that we can rehab and hold.

I'm open to any and all introductions, connections, conversations. 

Specifically, we have our eyes on Grand Rapids, Kansas City, and Louisville.

I listened to 90 day challenge BP Podcast episode 37 days ago (a few months late) and I'm holding myself to that goal!

May 8th is my deadline.

It's coming fast.  Would love your help getting there!

Thanks for reading.

@Cara Lonsdale There are a number of factors: my wife's family is originally from the area, I've spent a considerable amount of time there, and I have a close friend nearby. All of that adds up to an area that I know and a place I'd like to have an excuse to visit once in a while. But most importantly, the numbers work well for me from an ROI standpoint.

Regarding vacancy, I don't see small towns being an issue, as long as vacancy rates work with my analysis— which I still need to verify.  Vacancy is about supply and demand— which can be just as hard to fill in a large city as a small one.

Do you feel differently about small towns?

Thank you @Jerome Hranka !

Hi there!  I'm looking for a good agent and property manager in Peoria.  Would love any names and leads.  Thanks!

Hey @Troy Fisher!  I appreciate the input.  I want to get into real estate and I'm willing to make some sacrifices for it.  The challenge is that 1/3 of our household income is location based. My wife teaches piano out of our home.  She loves it and her students live in the neighborhood, so it's a tough spot we're in.  

Maybe I should be looking more for downpayment assistance than someone to cosign.

Great thoughts @Steve Vaughan and @Tim G.

That's a sobering scenario you've lay out, Steve.  Thanks.

Great example.  Thanks @Mohit Madaan!

@John McConnell - Great questions.  We'd be putting in money as renters and we have some reserves— but that will depend on the financing that situation we land to know how much we'll have in the deal.

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This is my first venture into real estate and it feels like a complicated way to start.  It's good to know I'm not crazy and that it is possible, but it also seems like I have my work cut out for me.  It feels like there are a lot of moving pieces to pin down at once.

Thanks for the replies!

@David Wurzel- I've heard them talk about seller financing on the Bigger Pockets podcast.  I'll keep reading to try to find out more.  I'm a newbie, so I have a lot to learn :-/

@Aaron Montague - Great points. Thank you. I'd love to know what others like me have done in these kinds of situations to make it worthwhile for the other partner. I know there's no precedent, but I'd love more thoughts and resources on that (blog posts, forum threads, etc.)

@David Wurzel - our credit is good, just our income isn't high enough to get what we need from the bank. We only qualify for 300K and duplexes go for twice that.