All Forum Posts by: Ian Reeves

I have been a member for a month or so but just now getting around to the introduction.  I spent the last 6 months reading every book I could get my hands on (which eventually led me here), listening to podcasts and networking and finally made the jump from reading to doing! Just purchased a duplex in Shawnee KS.  I have a plan and now its time to execute.  I am incredibly grateful for the wealth of knowledge on this site.  It's great to see so many like minded individuals helping each other out and building financial freedom.  I hope to be able to pay it forward.  -Ian

Blake, I'm not far removed from being in your shoes.  This year I finally went from learning and reading to "doing" and bought my first duplex in Shawnee.  This website is amazing, the hardest part for me was finally telling myself I understand the basics and will learn the rest as I go (they refer to it often on here as analysis paralysis).  I just joined MAREI (Mid America Association of Real Estate Investors) and attended one of their meetings this week.  It's a great place to network, I would highly recommend it.  Would be happy to share what I have learned

Sue, thank you I really appreciate the response. 

All,  I had a similar question and a search led me to this thread.  I am an investor in Shawnee KS and am interested in pursuing some investments using subject-to financing.  Have any of you used one of these title companies to execute this type of transaction?  Thank you in advance for your advice.  Are any of you going to the MAREI meeting tonight?  Would be great to meet some locals with similar goals. 

I was going to write a similar post with the same question but searched and found this post first.  I am closing this month on a duplex in Shawnee Kansas that is currently rented out on one side.  The duplex is currently managed by a property management company.  What should I do in this situation if I am planning on managing the property myself?  Do I just contact the seller and have them send me a copy of the lease and records?  What would happen if the seller is under contract with property management company?  I assume they would pay any early termination fees?  Thank you in advance for your help.  This post was very helpful for me.  -Ian

Hello all, this will be my first post on BiggerPockets, I am very excited to be part of this community, what an excellent resource!  I just purchased my first duplex in the Kansas City area.  I financed the property with a 10% down conventional loan.  My current plan is to live in the duplex, make some cosmetic improvements (one side needed some work) and repeat.  I am getting some conflicting information about what will be required when I go to make my next purchase.  Will I be able to repeat this scenario with a 10% down loan or will I need to put down 20%?  My understanding is that generally 20% is required when purchasing an investment property (not owner occupied), but down payments can be 10% or even a little less if owner occupied?  Is this correct? If I live in the first property a full year and repeat am I likely to have any issues having an existing loan that is not for my primary residence?  I expect to have close to 20% equity in the duplex after the first year and renovations.  Is there any risk of the lender calling the loan due?  Thank you in advance for your help,  -Ian Reeves