All Forum Posts by: Kyle Wells

@Tarica Davis

Hey Jay, I am an investor who turned realtor. I think the #1 thing is that they invest in real estate themselves. It's difficult to be investor-friendly if you don't even invest yourself. Ask them how questions that you would expect an investor-friendly realtor to know (what are current market cap rates in a specific area, how do you estimate rents, etc.). I help my clients in analyzing deals, so it's important that they understand terms like ROI, cap rates, cash on cash return, etc.

I just got in at 3.5% with 1/2 a point on a non-owner occupied fourplex in Kansas City. I was paying 5% previously and refinancing was easily worth it as I'd recover the costs within 11 months. I would recommend reaching out to local banks especially ones advertising their lending services. Even dropping 1% should have a recovery of cost within the next 1-2 years, so it's worth it if you plan to hold.

I use rentometer.com, but I also reference Zillow, hotpads, FB marketplace, Craigslist, etc. I wouldn't recommend asking a PM unless you plan on using one or paying for consulting services (or offer some type of value to them).

Have you considered doing both? Being a licensed real estate agent and a wholesaler will allow you to propose two solutions to a seller's problem. You can either help them close fast or help them get top dollar by listing their property on the MLS. You could kill two birds with one stone by marketing to the same type of sellers for each of your services.

You should be able to get 75% LTV on a cash our refi and 80% without cash out. Try a local bank (not credit union) or a national lender like Cardinal Financial, Prime Lending, or Guaranteed Rate.

Welcome to the REI world, Ian! Let me know if I can be of any help to you. I'm a fellow investor and real estate broker.

Inventory is low and money is cheap right now. It's like this everywhere in the Seattle area. Very competitive seller's market. How large of a multifamily are you looking for? Positively cash flowing while living in a unit will be tough in the small multifamily market unless you're also renting out a room(s) in your unit. 

My wife and I are considering selling our house to house hack a duplex, but I'm still expecting to come out of pocket around $800-1k a month on PITI, which is significant savings on our current mortgage.

If you already renovated, provide a list of renovations done and cost. Provide a list of comps that support your case. If not renovated, I would focus on paint, landscaping, and ensuring the property is clean and bright. 

Chase, I think this is a great idea for starting your REI journey, but there are a few things to keep in mind. Lenders will look at your debt to income ratio to ensure you have plenty of cushion to cover the mortgage plus reserves. While the 3.5% down payment would only be $10,500, you would also have closing costs (origination fees, PMI, title insurance, escrow fee, recording fee, etc.) and your prepaids (interest, property taxes, homeowner's insurance). I would highly recommend speaking to a lender first to determine if you qualify. I can provide you with a couple recommendations if you need a lender referral.