All Forum Posts by: Sebastian Lee

Thank you I appreciate the response! Are you aware of rental rates in the area or ball park section 8 payout?

Is there any Kansas City investors out there that could explain quindaro bluffs to me? There seems to be some really exciting deals all over the area. One example is a house that's already been gutted and has a roof on it and is listed for like 20k. Does nothing rent? Is it super slumy? I'm a drywaller by trade (from Minnesota) and am very excited when a house is already brought down to the studs. I'm coming down to Kansas City this Thursday and really want to go look at some deals while I'm there because moving there has always interested me. If anyone is interested in checking some stuff out together id pay for the lunch!

my two cents if you want to use some of the equity to get you into rentals would be not to do any big structual changes and maybe spend that money in updating the kitchen/baths.  Maybe into white trim, just basic modernization that the appraiser is going want to see to up its value without getting too buried in rehab costs.  Ask family/friends for a contractor they liked and if they're good they will be able to walk you through the whole process!  

thanks for the quick response tim.  Sounds like traditional will be a better route

has anyone had an experience with a 203k loan?  I'm wondering if I can do a 203 if I'm going to build a duplex I plain to live in and also is it worth the headache.  Thanks in advance!

hello everyone, quick synopsis: I'm going to buy a foreclosure type house using traditional financing with a local bank that I bought and rehabbed my own house with, but instead of getting a construction loan and dealing with some of those hassles I thought establishing a business line of credit to fund the rehab costs might be a good idea. I work in construction for a family business but have my own LLC to get paid (like a sub contractor). So question one: is this a good idea for a house I know i'm getting a slam dunk on and can sell at rock bottom and still profit (or rent) and it would help establish good business credit, which would then up my limit. Question 2: should I be going to a small town bank to open my first business line of credit or would I be better off going to Wells Fargo who I have my business checking and personal checking with?

thoughts??