All Forum Posts by: Lee Ripma

I feel your pain on this. I live in LA and invest in KC. It sounds like you're getting a track record in SL and you spend time there. I would work to build a relationship with local portfolio lenders who understand what you're doing. Now that you have a few under your belt it will be easier to explain. I've had the same problems getting lending from local banks! But you just need to find someone who understands what you're doing and believes in you!

I'd go SLC because it's a nice place to live! Properties are getting a bit overheated so you may need to find a growing market by SLC. Road trip time!

This was just discussed in episode 233. I've heard it called a rate and term refi and in this episode they call it delayed financing exemption. It only works if the cash is truly yours, which I believe means that you've held it in an account liquid for 60 days prior to closing. I've considered doing it but never actually done it, so take what I'm saying with a grain of salt!

https://www.biggerpockets.com/renewsblog/biggerpoc...

Sounds like a sweet vacation rental to add to your portfolio, where is it located? I didn't see that in the post! 

Will you PM me the address so I can check zoning and subdivision potential? Thanks!

I went to unleash the power within this year. I think Tony's content is great, it's all about moving beyond your limiting beliefs to have what you truly want, so relevant to investing. Events are pricey. I don't know anything about this event but make sure you see how much time he'll actually be spending speaking at it! It might just have his name but not a lot of him.

Hi Kansas City Realtors! 

I'm working on a refi for a BRRRR deal I did in North Kansas City. I'm having trouble pulling comps and I am looking for an agent who is willing to send me all the sold comps in the last 2 years for any MF (2-4 units) north of the River (64116, 64117, 64118). I have to send it off today so if anyone is able to jump on, send me everything, I'll deal with sorting it and getting what I need out of it. Thanks in advance for your help!

@Dustin Snell

I own the properties, so I've had appraisals done. They are pulling comps from the MLS. I also can also pull from the MLS through Redfin and Zillow, but they don't find as much. They don't have the recorded sale price, they just have the last list price. Finding comps is so critical with residential RE and can be very hard to do sometimes. It's been especially hard on these two properties because I'm trying to do cash-out refi's after value-adds. As an aside that's why I'm only going to buy commercial from now on, I want to straightforward valuation system that does not include comps!

@Dustin Snell

It's still not coming up with the comps I know to exist though...

I've heard that if you want to task something to a VA make a very detailed video with screen capture and instructions and test them before you hire them. I'm thinking about outsourcing some of my lead research to a VA but I haven't pulled the trigger yet. It's awesome to figure out how to delegate systems you've developed!

@Dustin Snell

I'm looking for MORE comps for my properties. So maybe an ability to select how recently the sold comp properties are would help. Like looking in the last 3 months, 6 months, or a year. For SFH it can be easier to find comps but my properties are a duplex and a fourplex and there are not that may in the area. I happen to be familiar with the ones that do exist and your software didn't find them. Really cool idea and I think it does have a lot of value!