All Forum Posts by: William Sumnicht

William Sumnicht has started 7 posts and replied 52 times.

Originally posted by @Albert Bui:

HI Brian,

The below is with regards to conventional financing for BRRR not portfolio money, private money, or hard money.

I've done files for RE investors with purely real estate rental income so in your hypothetical if you had zero other debt (car, credit cards, student loans, no nothing or all $0.00 balance) then you could qualify for a cash out or regular rate/term refinance "if," the net rental income on your hypothetical rental (75% of gross rents since this is a recent purchase of a BRRR strategy) exceeds the PITIA ( principal/interest/taxes/insurance/assessments) of your property.

So in essence, if your BRRR property "cash flows," with respect to how fannie mae or freddie mac calculates your income and you have no other obligations or housing expenses (AKA you live at home with mom and dad) then yes its possible to qualify with no regular W2 income or self employment income.

Rental income is the fastest income to use with out seasoning or history of it being received. All you need is a rental lease agreement signed and dated + copy of a security deposit and you can use 75% of it - PITIA right away.

@Albert Bui - That sounds kind of like a dream. I'd like to PM you for further detail. Is that alright?

@Brian G. Thanks for starting this conversation, and to everyone else for the advice. What a great wealth of information that has sprung up here for those without w2 income, and with a little cash.

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Hi BP KC,

I'm in search of a handyman or handywoman in Kansas City, MO.

This job is a relatively simple make ready, and I'm in favor of building working relationships.

Recommendations welcome and appreciated!

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@Jim Genis

Hi Jim,

I'm looking for a good handyman referral for a make ready in Westport today, and to build a working relationship with over time. I often seek referrals for other professionals mentioned. May I PM you for referrals, as well?

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Chris Dawson Andrew Syrios May I PM you for your recommendations, as well?

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Kansas City, Missouri

Forgot to mention an integral piece. The zoning only allows for single family.

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Analyzing at a property in Independence (suburb of Kansas City). It's a fourplex converted from SFR, apparently back in the 40s or 50s. Zoning commissioner tells me they wouldn't want to mess with it if it's been that way for that long. Also tells me the way to make it legit is to apply for a legal non-conforming, but gives me no indication as to how successful that process might be. Has anyone gone through the process in independence? Thanks!

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You'll be able to find one!

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Keep digging for a 2% or better deal in a decent area of KCK.

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@Aaron Brown On converted SFRs with all utilities on one account, I charge a flat utility fee per unit based on sqft and number of tenants.

Never charged back water, alone, on converted SFRs, but Brandon Turner talks about doing it successfully it in the Washington sticks. Maybe there wouldn't be any issues here, either.

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@Alan Brown Hope in the end, everything worked out on this?

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All Forum Posts by: William Sumnicht

William Sumnicht has started 7 posts and replied 52 times.

Post: BRRRR without proof of income?

Post: Request for Kansas City MO handyman recommendations!

Post: Building network & business contacts in Kansas City MO

Post: General Contractors - Kansas City

Post: Anyone applied for a legal non-conforming in Independence, MO?

Post: Anyone applied for a legal non-conforming in Independence, MO?

Post: Duplex Analysis/Advice in Kansas City, KS

Post: Duplex Analysis/Advice in Kansas City, KS

Post: Fourplex for $98k, Independence MO, tell me if this is a deal!?!?

Post: Looking for Awesome Property manager in Independence, MO!!