All Forum Posts by: Dennis King

I am looking for a bookkeeper in the Kansas City Metro area who specializes in real estate. I have a couple hours a week of bookkeeping, so this is a part-time gig. If you know of anyone, please send me why you like them and their contact information. Thanks.

Congratulations @Cliff Harrison. I am a KC investor in B neighborhoods and do find the cash flow less, but the rent comes in on time and the brain damage is much less.

George Gammon, you make excellent points. I am a local Kansas City investor and your points are spot on. It is true that turn key providers do have inventory that fits these statements. It is also true as you point out, that good turn key providers have excellent properties as well. If you make your goals known and educate yourself, you can purchase great investment homes from turn key providers. But, you must know your market and know what you are getting. That is true whether buying from MLS, auction, wholesale or a turn key.

I have some good sub contractors if you need any references, but looking for a plumber to do some minor work in some homes I own around the KC (MO and KS) area. I am not looking for cheap. I am looking for good and reasonable priced. Must have insurance.

I am looking for a CPA or tax adviser in the Kansas City area. I have 8 properties and now I need to work through some more complicated decisions and I am maxed out with my abilities and Tax Cut software.

Things like

1) tax concequences on a deal structure (15 year note versus 30)

2) if I go full time can I set up a KEOGH tax deferred account and how do I do this

3) What can I write off as far as travel expense when going to view properties in different cities

And a lot more.

Thanks for the suggestion Adrian Stamer. I will call some local small banks to see what they can do.

Are there any longer term commercial loans? Something like 15 years? I can't pay off the homes in 5, but 15 is doable with the cashflow I am attaining in the nicer (B and higher) neighborhoods. 

When factoring in the refi charges (appraisals, title, doc prep, etc. etc.) and increased rates every 5 years, I'd like to get a 15 year mortgage and be done with it.

Since the Feds tipped their hat and are planning on three 1/4% rate increases in 2017, how are you going to lock in rates for longer than 5 or 10 years on a commercial loan for a SFR rental?

I am just about tapped out on residential loans and looking to get a commercial loan for longer than 5 or 10 year rate lock. Sure, the banks will amortize for 30 years, but a 5 year lock is a sure bet in favor of the bank. 

What do you suggest?

Good advice all around. To summarize what I read, figure out how you are going to operate (single member or multiple) and then create the proper LLC. If single, the online site at MO or LegalZoom will suffice. If multiple members, then seek advice of an attorney.

As far as financing, I work with Eric Kolseth from Arvest. He can finance as a personal entity with decent rates for 30 years and then retitle later in the LLC. Otherwise, you are stuck with a commercial loan with a 5 or 10 year rate lock and we know where rates are heading.

Also, I have a great insurance agent who can put all properties onto one policy with $2 m liability to give you a good hedge of protection from scammers.

Nice, I look to retire, but need more properties. Congratulations!