All Forum Posts by: Milton Chamberlain

Everyone else echoes my opinion…the day to day mgmt should just be 8%

The biggest issue for me (if was giving family a discount) would be figuring out ‘placing tenants’ fee. Keep in mind placing tenants can be VERY time consuming, so if he is not going to be verifying employment, ordering backround check and receiving application fees himself, I would think charging him by the hour would be fair (I mostly see 1 month rent fee for placing tenants)

maybe if he is willing to do all that work himself, and you just have to show, you could show for free since he’s family? Or just charge a small showing fee to cover your gas and a bit of your time, just like when you help out fellow agents and show for them when they are unavailable.

Sounds like it will not evolve into a bigger issue, however if it does and you need some assistance, Travis Wymore is a great real estate attorney

Jackie Ahumada with Prosperity home mortgage has helped my last three house hackers. She can give you all the info you would need.

Hi Ashley! 

I am happy to discuss the K.C. Metro with you! Assuming 20%-25% down payment, we have cash flowing properties available in B and C markets. More than happy to explain the various pros and cons of different areas and what to look out for.

Assuming you are just now beginning investing, I recommend picking the 'lowest hanging fruit' and 'walking path of least resistance.' IMO, that is house hacking into a newish multi, and leveraging the lender's money by taking advantage of 3.5-5% down payment. While the cash flow and cap rate won't be sexy on that first property, it will appreciate well both in value and rent rate, and give you a good foundation to stand on. then, once settled and well-acquainted  with your new market, you figure out the best way to leverage the rest of your $225k. and then either stay in the first multi, or move out and rent the side you were living in.

In my market of the KC metro, good condition duplexes in high demand areas ( 3 bed 2+ baths/unit) are 330-450. Which would require you bringing ~$25k to close. your plan seems smart and based in the reality of our current economic conditions.

if you would like additional info about what's available in my midwest market, including analysis of possible acquisitions, reach out to me.

Hi Jimmy, 

I am happy to share my knowledge of the sub 200k KC Metro market with you. I own 3 single family investment properties, and have experience assisting local and OOS investors in my market with deal analysis.

Reach out if you would like to schedule a call.

Hello Greshma,

I cover the entire Kansas City Metro area. I would be happy to walk you through my buyer process over the phone or through Zoom/Facetime. The session typically takes about an hour. Feel free to reach out if you are interested.

wow! nicely done!

I can share my experience! In late 2022, their sales team approached me to become a featured 'premium' agent. I believe the cost was $1000, or maybe $1250 – I can't quite recall. Along with the title of 'Premium' agent, the $1000 included 20 (or 25?) leads. The interview process was conducted by someone named Matt Rice. While they might have delved into my sales history before the interview, I suspect they were primarily salesmen, granting the title to anyone willing to pay. However, I can't be certain; there might have been a more in-depth background check that I wasn't aware of.

At that time, business was slower for me, allowing me to work through the leads. Unfortunately, the initial months brought very few responsive leads – either no response upon my initial contact or locations 60+ miles away from my service area.

Long story short, it was a chaotic situation. I assume they have a third party managing this aspect of their business. They mistakenly placed my 'service' area in a rural part of the state, which took many months to correct (I couldn't switch it personally; they had to on their end). Once fixed, they inundated me with leads that I couldn't process quickly enough, especially during a busy season. They wouldn't pause the leads, so regrettably, many went uncontacted.

Worth noting, I am guessing 50% of the leads never responded after the initial contact. From my perspective, it felt like a waste of time. While I've connected with great individuals organically through the site, I've never successfully worked with a paid lead from BP.

My suggestion for finding a great agent would be: If you know the market you're interested in, explore forums related to that market and look for engaged agents answering questions. Research them, and if you like what you see, reach out to them.

Hi Taylor,

My wife, a dentist who graduated from UMKC in 2013, and I used a 'doctor loan' to purchase our primary residence in 2017 with a 0% down ARM loan. Since then, we have acquired three single-family investment properties in Columbia, MO, our hometown (although we currently reside in KC, MO).

In hindsight, if I could go back and redo it, my first move would undoubtedly be house hacking in a duplex instead of buying a single-family home and then investing. There are numerous advantages to this strategy:

• -Learn the basics of managing a tenant and property.
• -Acquire knowledge of home maintenance and repairs.
• -Offset personal mortgage expenses with income from tenants rent.
• -Maximize leveraging the lender's money by taking advantage of lower primary-occupant down payment and interest rates (DP 0-5% vs. 20-25%, Mortgage rate 7% vs. 8%+).
• -Utilize HELOCs to finance future deals.

Moreover, recent rule changes by the feds allow owner occupants to benefit from lower down payments for 3-4 unit multis (previously only applicable to duplexes; tris and quads previously required 20-25% down even for owner-occupied properties. Now owner occupants can use 3.5% FHA and 5% CONV ).

My suggestion would be to house hack a duplex, gain experience, and save up for a year. Then, consider purchasing another multi-owner-occupant property. Regarding doctor loans and small multis, you may need to explore conventional or FHA options.

Considering your anticipated high income as a dentist, I recommend maximizing your borrowing power and looking for the best triplex or fourplex available. While I'm not in your market, I'm happy to connect you with a reliable realtor and lender. Feel free to reach out if you'd like to discuss this further.

Best regards.