All Forum Posts by: Dan Drake

Welcome, Dan. I am an OOS investor based in Chicago and invests in Wichita and surrounding suburbs. There are lots of great single family housing stocks from the 1940-1950 vintage that sells for less than 80K (used to be 65K 1.5 years ago hah). Under realistic underwriting, positive cash flow is possible with conventional mortgage on year 1. After you max out your 10 properties or if you get tired of applying for conventional mortgages I can refer you to some great portfolio lenders in town. Insurance wise go with Auto Owners or Safeco, they're generally the most competitive here (if anyone can find other insurers that can beat these 2 please let me know :)). BRRRR is possible but because property prices are on the lower end, while construction costs are't as low, unless you're striking gold all the time you might expect to leave some equity in the property after refi.

Welcome again and hope to hear about your success here.