All Forum Posts by: Gordon Cuffe

@Krish Das I live in CA and invest in KC. One of my rentals is in the 64130 zip code. It is near 43 rd, 44th and Bellefontaine ave. There are blocks in the 64130 zip code that have many vacant homes so it is street by street. My rents went from 650 to 725 recently so there is demand for the better streets in 64130. The challenge has been the property manager. He kept my vacant a few months this summer when I finally said I am renting it out myself, they found someone and asked for a 2nd chance. I gave them one last chance and I have other pm's in the wings just in case. Those prices are not like the deal of the year prices so if your not in a hurry, you can look some more to try and find better pricing. There are other areas in kc where the prices are 85k to 95k and rents from 950 to 1000 and you can get loans on them. 

@Anthony J Ruma Call a couple of realtors to see if they will provide you with real comps. Tell them you want closed sales within 1 mile of this house and tell them you want the closed sales that are with 10% of the square footage of your house. Tell them you only want the updated closed sales. Most realtors do not look into the details when pulling comps. They let there automated system pull everything around the subject property without looking at the pictures of each closed sale. The tough part about getting your cash out before one year of ownership is that conventional lenders make a investor wait one year to use the new appraised value. I do know of one or two that use the new appraised value before a year is up. The only thing is that the rate is a littler higher than conventional rates. 

@Alex SchredlYou did not say what your current rate is now. I am a mortgage broker and I have been getting people rates in the 3.5% range so if your above 4% then it is good to cash out with a lower rate. If your allready under 4% then keep the current mortgage and get a equity line if you have the equity. Just an fyi.

if you have the equity, you can do a cash out refi and add on a heloc on top of that for any future investments down the road. If you dont use the heloc ,you dont pay anything. 

@Kevin HoffI own properties in the kansas city market. You can pm me and I will send you a name of a realtor that I have worked with. I have also found my own deals in kansas city. 

here is an example of a house for sale in kansas city that rents for 1350 per month

https://www.biggerpockets.com/real-estate-listings/remodeled-home

@Geoff ChanI live in Roseville and have owned rentals in the Kansas City market since 2014. You can pm anytime with questions. Here is an old thread about Kansas City zip codes for investors. 

https://www.biggerpockets.com/...

Make it your mission to buy a property at a discount. 

Williamson county seems to be a magnet for white collar fraudsters. Thirteen years seven investors including myself were defrauded on a general partnership land deal in williamson county. That crook took us for 1.35 mil plus legal fees.  He had help with a crooked appraiser. We won the case against him and  obtained a judgement but saw zero dollars as he allready spent the money. He also scamed an older couple by borrowing money on a fake 2nd deed of trust. We talked to the fbi and they said the dollar amount was too small to use man hours on the case. We notified the texas dept of real estate and they did nothing. A kid can steal 50 bucks from a store and gets locked up. A grown man steals 1.35 mil and nothing happens to him. 

@Brittany Keyes You can find many 3% or 3.5% down payment loan programs. You might think about buying a duplex where you can live in one side and rent out the other side and use the income from the rents to help you qualify if needed. I have closed a ton of home loans for owner occupied and investor loans so if you ever have questions about home loans, send me a pm. I can save you time compared to looking at videos. 

@Marco AlaimoYou can look into the city named Raytown or Independence. With 15k you can buy a property at 75k or less with 20% down. If you look hard enough, you can find homes at 75k or less that should rent for $850.0 per month or more. Just an fyi, the hood zip codes are 64127,64128 where you can buy at 50k or less but higher turnover rate with tenants. 

@Cat Woodmanhow much does it charge per month? I think you can tell your credit card company to block the charges.