All Forum Posts by: Kevin Fontleroy

thanks for sharing @Mike...I can tell inventory is low. It's been difficult to find deals...not saying they aren't out there, just tougher to find

@Tony Mai yes sir...i recently came back home.  I been trying to update my profile but its not that easy.  This was in KCMO, in 64131 zip code, Center school district if you are familiar.  Im pumped about it.  We just sold a home 1 month ago in the same area and my acquisition cost was 3x what this one is under contract for!

@Leah Bonner I talk to everybody.  The next door neighbor of my current flip used to come by and bother me like everyday making sure we were doing a good job.  Once she saw we were serious she let us into her world.  She used to work at the recorder of deeds office.  She does title searches for us now, she also has a ridiculous amount on contact for things like section 8 and hud.  We offer to pay her but all she wants is a TV...unreal!  You really never know how you might meet...TALK TO EVERYONE! 

great work Eric...I'm in the middle of my first full flip...like down to the studs. I could add 1 thing...that if someone tells u they can do the flip in 2 weeks, just consider it 4 weeks

I having been driving for dollars every day in march. KC has so much available inventory it's crazy. 

Anyway, I found a property on 3/1, mailed the owner on 3/3 on 3/7 she called. She was truly motivated and we put it under contract today. At first i was super nervous trying to explain everything but then i realized i was helping her solve a problem and that made me feel more confident. She is happy, I'm happy and it's a true win-win.  

I hope this inspires someone to just go out and do it. Driving for dollars works!

Hey @Craig Harris,

I'm with Bill on this one, inventory is already pretty low in both KCMO and KCK (for areas that you don't mind owning in) you could search and search for the 2% rule but how long will your money be sitting while you do that.  You are currently at 1.5 and personally i look for anything 1.3 or better in KC.  If the neighborhood is rougher it has to be 1.5 but everyone has their own rules.

Lately the only way i have been seeing the 2% rule is if you are willing to do some major work but then you have to consider your upfront cash outlay, so its 6 or half a dozen

Best of luck

hey is this place still available? 

@Massimo Salerno did you ever find a good electrician you would recommend?

hey Joshua congrats on the start of your journey. Real estate ain't easy but it can definitely be worth it. I'm not sure exactly what you are looking for advice on but starting llcs in Missouri is super easy an usually cheap. I'm not an attorney but you can find operating agreements and samples of articles of org online for free and filing with the state is a straight forward process. If there is something else you are looking for specifically you need advice on post it.

Out of curiosity how do you want to start your REI career...wholesaling, fix and flip, rentals???

Oh the joys of being a new investor!!!

So here we go, i purchased 6 homes on an owner finance for with 25% down.  2 of them need serious rehab, 3 are mostly cosmetic, and 1 is rent ready.  Here is the dilemma, when i called a lender they said they can't do a cash out rehab on the only 1 house(im not doing all the rehabs at the same time) because it was purchased as a package.  They also said they can't do a construction due to it being a package.  Now i'm stuck with 6 homes and limited means of doing the rehab.  Also, if i rehab just 1 of the properties and sale it and the rent ready home, i could pay off the owner financing, make a profit and have 4 homes free and clear.

If anyone has ran into a situation like that i would to hear about some strategies that was used to get your project back on track.  

that finishing package idea is amazing...adding that to the tool box. Thanks for sharing