All Forum Posts by: Milton Chamberlain

I have had success with bank of the west. There is a location up in Liberty, MO where I live. I was under the impression they would allow you to pull a HELOC out of an investment property.

I have only ever pulled one out on my primary, so I can't confirm this for sure. For my Primary it was pretty standard, 80% of the equity and the rate was I believe low fives. I believe it was interest only payments until year five when the total sum borrowed is due. But don't quote me on that. I will do some more homework though and get back to you.

Ron Ireland is an investor/lender who is very active in the KC metro investment groups. He would probably be a good guy to call and to get more accurate info pertaining to HELOCS and cash out refis

Hi Jerry, 

This is interesting and I would love to chat to learn more. Did you use a FHA loan to purchase your first loan? I assume your lender would have been on top of this, but using an FHA loan is a great way to get into a duplex as an owner occupant for 3.5% down. But you can only use one FHA loan at a time.

I have a couple lenders I could introduce you to to see if they have some different strategies you could utilize

If its a rehab loan meaning you aren't under contract yet, and want to wrap up the SOW rehab cost in with the offer to purchase price, I know Robert Hastings with UHM out of Lees Summit offers a loan like that. I have never used it, so I can't speak to how it works in reality, but my understanding is you need a licensed and insured contractor to fill out a few simple forms, and then they have to be willing to work with the lender in regards to communication.

Hi Quinn!

KC is a great place to invest. Especially if you are planning on house hacking into a duplex with a 3.5% down FHA loan. There are tons popping up around the metro now that the spring market is starting to hit!

Tons of different strategies though! That method is just the path of least resistance for beginners, in my opinion.

If you ever want to chat, shoot me a message!

Hi! 

I am very active in the Kansas City Metro. If you would ever like to chat about what is available, hit me up!

Ashley Meyers with ReeceNichols insurance is pretty fantastic. She doesn't necessarily specialize in investments per se, but I have used her for my 3 single family rentals, as well as my primary residence. I trust she has my best interest in mind, which is most important for me. And I can attest she goes above and beyond for her clients, from what I've observed over the years. 

Give her a google!

Hi Justin! I work the KC Metro. Hit me up anytime!

Hawaii? Nice! I lived in Honolulu for a year in 2016 while my wife went to school there, and my bro-in-law moved to Oahu last November. Cant beat the hikes and the beach (and the food!)

I actually have 'purchasing a home' there as a goal of mine as well. My wife and I love it so much.

I don't know the specific real estate rules for Hawaii, but I keep meaning to reach out to a realtor there to see what kind of techniques there are for getting a property with as little money down as possible. We were thinking of using my brother-in-law to purchase an owner occupied, hoping we could get 3.5% down.

I know the problem there is space, so are there a lot of duplexes there? That would be my suggestion for getting your foot in the 'investing world' door. You gotta live somewhere, so why not buy a duplex? Will provide you with a lot of room to grow with appreciation and a greater potential to pull out equity down the road, plus you will have someone else there to cover a big chunk of the mortgage. (Here in the KC metro you can usually get about 3/5 of the mortgage covered by the other side tenant. 

But easier said then done. Maybe that's not possible in HI.

If you can work remote, I think going to a less expensive area like you mentioned (CT, NJ, upstate) and house hacking into a duplex is a great idea! 

Get your foot in the 'investing' door without a TON of upfront cash. Then after reassessing your finances after the duplex purchase, maybe look for an out of state turnkey fitting whatever your budget is?

I got something in North KC right now. 4-plex, would go under contract right now. They're current deal is falling through.

They want cash quick close (seller also lives in CA and is in the process of a 1031). 365. waive inspections. all units 2 bed one bath. nice area.

message me for more info