All Forum Posts by: Jake Knight

I work for a business bank and underwrite credit cards all the time. For R/E LLCs who want credit cards but don't have any business credit yet we'll look at your personal credit, and any deposit relationship you have with us. Looking at what liquidity you have to service the debt and how you've handled previous unsecured facilities of similar size are what's important to us (my bank, that is). Good to start a business banking relationship with a bank and they'll be happy to help you with a credit card.

At the end of the day you learned some important lessons and earned yourself $10k doing so. I'd say you did quite alright for your first flip. As someone who is educating himself on the cost-estimation process for my first flip, I find a lot of value in posts like this. Thanks for sharing!

What part of wholesaling would require him to have an agent on a recurring basis? 

Hi John, welcome to BP. You'll see a lot of positive responses about investing in KCMO. Are you looking for a turnkey company? I'm also looking to buy out there and have been talking to a lot of people and reading a ton of posts about buying out-of-state. The folks here are incredibly helpful. If you dedicate time to BP (listen to the podcasts, attend webinars, talk to people, set keyword alerts, etc.), you won't need a dedicated mentor.  

I think with the rents being as low as they are (compared to SJ), the slight difference in PM fee is less important than the quality of the PM, especially since we're so far away. The PM can make or break us. 

Great job, @David Goossens! Nice to see someone complete their first flip in this market. Very inspiring! Can you elaborate on the subject-to portion of the deal? 

Edit: also how long did you hold it for?

@Brian Turnbough I like the idea of the 6-hr round trip instead of a daily commute! But unless I have a trustworthy partner in that area to do the daily managing, I'd be better off staying closer to home. 

To answer your question, I am definitely looking into my area but there are just larger barriers to entry- such as the $900k median home price. I'm only a few weeks into building my game plan so there's still some research, networking and due diligence to be done. If there's a will, there's a way. 

@Chris Seveney @Brandon Battle I appreciate your input. My stepfather was a contractor and we did a lot of work for investors, plus I've remodeled my own homes so definitely I'm aware of what goes into it. 

Great- thanks!

Great job, John! Can you tell me more about the financing? You got a conventional loan to cover 75% of the ARV and used your 401k and cash to cover the down payment and repairs?