All Forum Posts by: Jared Viernes

Moe Bruenger gotta grab that info straight from the county website. It's a lot of info to go through, but you can find your list if you do the work.

@Eric Ingersoll if your goal is cash flow you will get the best cash flow of you purchase new properties on a loan using your previous property as collateral.  You still own the previous property outright, the loan is just on the new propertie.  If you buy right you can easily cash flow on those properties as well.

If your goal is cash flow while minimizing risk.  Then keep what you have, it is a known and therefore provides much less risk than selling and purchasing something new.

Start talking to lenders now to see who would be able to wrap two properties into one deal.  You are probably going to have to go with a Commercial lender who can think a little outside the box.  Regular mortgages loans are pretty strict on requirements and don't like two properties under one loan.  Commercial lenders from smaller banks will be willing to think outside the box if the numbers work.  Fill out a "Personal Financial Statement" which lists all of your assets; liabilities; and cash flow.  Also put together an analysis of the deal you are looking at.

Lenders look at properties much different than investors though, so you might need to walk them through your analysis.  However, if you come in with your financial statement ready and a great analysis in hand it will speak volumes.  Good luck!

There is tax benefits to doing it that way as well.

Why not refinance to pull out equity and reinvest it? Or use the equity as collateral for a commercial loan to purchase another rental? That way you keep your cash flow and you get to purchase something new. In Real Estate you can have your cake and eat it too.

Kendall Short I'd say the best way to get started is by doing a "house hack"; purchase a multifamily and live in one of the units while renting out the others. Good luck. You are in a great market to get started.

Charles Craig meet up is tomorrow at range 54 if you're free. Another BP member will be presenting.

John Henderson I would caution trying to do an FSBO from out of state. A local investor could easily do an FSBO because they understand the local market and would likely be able to correctly price the home, stage it, and get professional photos (if necessary); as well as market, etc. For someone selling from afar, coordinating showings, inspections, appraisals, negotiations, and so on would find it really difficult. I highly doubt the extra $3000 commission you would save at $100k (assuming you still offer a 3% buyers agent commission) would not likely be worth it. There is the additional risk of pricing the house incorrectly and losing money because of it. Over pricing a home is often riskier and more costly than underpricing.

Aaron Jones the best time to sell is just as school gets out. Starting in late May people will be looking and trying to move between June-August. Unless mortgage costs go up significantly the sellers market should likely still be around next summer (we are well under the average tipping point of 6 months inventory). At $100k you don't need to get professional staging or photos, but make sure to use a Realtor or Company that can do the staging and photos in house. The difference between professional and knowledgeable amateur shouldn't make much of a difference at $100k.

Aaron Jones if you want op dollar for your property you will need to have tenants that are pretty cooperative. To get top market value you need to have the best listing photos and good walk throughs with potential buyers. This is really hard to accomplish with tenants in the house. Listing photos are the biggest attractor when selling a house and the ones with tenants living there typically have a lot of stuff in the picture. A great listing photo will be clear of excess stuff to make the property look bigger. The question as to whether or not you should keep the tenants in or do it after they have left is price point. If you are trying to get top dollar for a $70k property it makes more sense to try to get the best photos and walk through possible with the tenants there or just after they have left. If you are in a $200+ price point I would definitely get them out and get the place professionally staged and photoed. Right now you have a sellers market in Wichita, there is only 2.8 months worth of inventory on the market as a whole. If you are lower end you shouldn't have a problem with finding buyers tenants or no. But I would caution you to think you are going to get top dollar. Personally I'd price the property at the lower end to get the most competition. Then use that competition to get more leverage. Have your listing agent tell the potential buyers something like, "We have had a lot of interest in the property; in going to ask you all to submit your last best offer before we make the decision." A silent offer like that may have a potential buyer bid against themselves. Good luck!