All Forum Posts by: Alex Olson

@Jonathon Nila Broker/Agent is used interchangeably - meaning that I broker deals but I am an agent, technically no a broker. Typically, you have to be serious and know what you want before a broker will take you seriously. A pre-approval letter and a track record helps. 

@Jacob Phillips Correct because secondary market loans take quite some time to close out. You could try for a local lender. They will have not as favorable terms but you could get the deal done. 

@Jacob Phillips You may wan to talk to US bank, bank of america, bank of the west or a large bank about a secondary market investment property loan. Even rocket mortgage would be able to help you out on this side of the fence. A local lender may try to make it a commercial loan on their books as a portfolio loan. SO it is commercial to them but to you it is a residential loan. Going secondary market with the loan is the hardest way to go about it but the best long term option. 

@Jose A Lemus Do you own any real estate investments currently or is this your first one? You need to decide how much money you are going to invest and then decide on the location. I would recommend at least a duplex but a fourplex to start is the best option. Shoot for a VA loan. Happy to help anyway I can with Kansas City!

@Jeff Castro Yes but you have to make sure you don't over pay and you don't buy a stinker. Find a great buyers rep agent or as I call myself - a buyer's broker. Using one of these you can ensure that you are getting a deal that makes sense for you, not for the seller. If you are out of state, a buyers broker will usually assist in helping your team - pm, financing, insurance, legal, boots on the ground. 

@Tim S. You are absolutley right about Kansas City. It cash flows great. Others have dogged on your SFH home comments but you can buy duplexes for $200,000 a piece that cash flow at $2500-$3000 if you find the right ones. If in the right block, they will appreciate well. Really depends on your strategy.

I really love doing both. Being a realtor helps you know the market better, meet great people, and be IN real estate at all times. It is a bit of work but well worth it if you enjoy real estate work. 

You need to develop a system for how tenants inform you of issues that they have with their apartment. And you need to understand how it became broke. If it is any sort of upgrade, you don't need to do it. You decide what you want to replace and upgrade. I would budget at least $1000 a unit in maintenance depending on the size of the building. If it is a single family home, I would up that to $2,000 but assume they are doing their own lawncare. Hope that helps!

 Ensure that during due dilligence you are able to review leases and payment history of the tenants. If they are willing to share background and credit scores that is helpful too.