All Forum Posts by: Joshua Ibarra

Hi Kevin, Is it currently rented? I've found a few banks that will work with you in Kansas City once it is rented out. Most banks however will require a minimum 6 months seasoning period however there are a few that will do a commercial loan immediately.  

I am looking for help! I have a rental property in Overland Park, KS with about 100,000 in equity. I have held it for 6 years now and it is cash flowing very well. I have a great interest rate and don't want to refinance. I've gone to a local bank but they will only do a HELOC on the house I live in.

Is there any way to get a line of credit on a rental house's equity? I don't think it makes sense to refinance so looking for other options as I'm trying to use the equity to work on another rental. 

Thanks,

Josh Ibarra

I would agree with the others so far. Work extra hard to make investing a full time job. I am in the same boat as you.  

If you really want to get into the industry I know loan officers can make some pretty good money with a decent base if that would interest you at all. 

Is the tenant demanding or asking for a discount?

If they are demanding for a discount I wouldn't give it to them because you don't owe them anything unless it states it in your lease. But if they are asking nicely and are good tenants who take care of the property I would want to keep them and take a bit off the rent. Taking a little off rent for a month is much cheaper then them leaving and having a vacancy for a couple months.

I have one tenant who is the nicest and I'm happy to give a discount to if she deserves it but another tenant I charge them for everything because they are a pain to deal with and actually wouldn't mind if they left. 

If you were in their shoes renting the property, would you want a discount for all your troubles? 

Its a grey area and up to you ultimately if you want to provide a discount and the amount you are willing to discount. 

Hi @Chagdrick Berger

Good luck starting out. I'm always looking for individuals to network with in the area.  Add me to your buyer's list when you find that right deal. 

Any part of town your are targeting? 

Welcome @Chris Wendel. I am working on the same thing here in KC. I'm always open to meeting new investors and expanding my network. Currently living in Waldo area with a few rentals in the area and a flip in Prairie Village. Let me know if you'd like to grab drinks and talk more about real estate. 

Thanks and good luck! 

Hi Charlie,

I've used a PML here in Kansas City and the process is fairly simple. I'm sure my connections would be happy to answer any questions for you. 

If you are ever interested in investing in Kansas City or Lawrence, I'm always looking for additional funding sources. It might even give you an excuse to visit your alma mater. I remember watching you race in the KU Relays when I was in high school.

Rock Chalk! 

I highly recommend Great American Bank. Matt Hoefer has been great to work with and makes everything simple for BRRR strategy. I did have to put it on a 5 year commercial loan amortized over 20 years but I didn't have to wait the 6 month seasoning period like most banks. So far he has gone above and beyond for the 3 properties I've flipped.

I have had great success with it so far. I have it in my current house in KCMO and in a rental.  I personally like it, although I would never pay for it. With it being free from KCPL, it cost me nothing. The tenant loves it as they can program it from their phone and save energy. 

No issues so far but have only had the renter for 4 months but it doesn't run on battery so I doubt there will be any issues but I also self manage my properties.  I installed both devices myself and it took 10 minutes max. The Nest makes it simple to work on and their customer service is great for addressing issues. 

Thanks,