All Forum Posts by: Brant Richardson

The city expects to seize 20,000 previously auctioned houses with unpaid tax bills in January.  Doesn't sound like those investment properties are doing too well.

Sounds like they have some real solid leads on who actually kicked the door in.  If they are convicted you could demand payment from the parents with the threat to sue.

@Carrie Hallensleben 

Congrats on taking your future into your own hands, if you don't do it nobody will for you. 

One suggestion is to avoid condos and townhomes. The HOA fees often destroy the cash flow. There is also politics to deal with and occasional assessments.

If you don't mind, please share your numbers on the deal.  The place looks phenomenal, $1250 is serious rent in KC but I can see why you are getting it.

@Eddie Marcano 

A renovation loan or construction loan allows you to finance the purchase price as well as the rehab. You would be able to finance 70-80% of the project as long as that amount does not go above 70-80% of the ARV. This option would require 20-30% cash out of pocket for the deal but the nice thing is you can get a 30 year fixed rate loan.

55-65k purchase with rehab, ARV 80-90k for $900 rent are my goal numbers for the KC suburbs. I've found the increased property tax really eats into the increased rent for higher ARV properties I have evaluated.

@Brandon Sturgill   a lender like Jeremy is describing is tough to find.  I finally found somebody who would do a cash out refinance, with less than 12 months seasoning, based on appraised value.  I will stil be held to a maximum of 4 cash our refi's like most banks though.  It would be great to be able to that indefinitely.

@Jeremy Zindel are getting 30 year fixed rate loans?

I know just what you are talking about.  If I wasn't a die hard surfer I would go elsewhere.  I decided to stay here but invest out of state.

Keep shopping for a portfolio lender or a diffferent business lender if yours has put the breaks on you.  If you have 150k in cash, every one of your 16 properties is solidly cash flowing, credit score is good and your next acquisition will cash flow too... you can find a lender.  Work on finding a lender like it was a full time job.  Write a professional looking business plan (get professional help if necessary) with a full break down of each property and be able to present it (sell it) to the lenders like a polished professional investor.   Practice in the mirror.   Know the answers before they ask.  If you fail, figure out why and make the next presentation to a lender even better.

www.rentometer.com is a website which allows you to put in an address and # beds, it shows you the range of expected rents in the area. 

www.padmapper.com shows you properties in your area currently listed for rent on Craigslist.

He could provide owner financing for somebody.  Some people who can't get traditional financing might be willing to pay an extra 30k for the opportunity.  Or you may be able to sell it, subject to the buyer assuming your relatives loan.  It depends how much 30k is compared to the total value.  I have not done one of these deals, just read about and listened on the podcasts.