All Forum Posts by: Shane H.

Call Security First - they can work something up - guess it depends on which end of the transaction you're on - 

I was a buyer of an owner finance deal this past March - 3 properties - Security 1st recorded the mortgages for the owner and the owner/myself worked out the finer details of the agreement which they put in place for us.

For commercial this is standard in Wichita.  If you get the loan directly in your name as a non owneroccupy you should be able to get a 30 yr loan - but the fees and the PITA (pain in the a.. ) it is to you it may not be worth it.

Ive heard a couple local banks will lock in your loan (or would a year or two ago) for up to 15-20 years - but I think that was for folks with great looking balance sheets and high w2 income and likely no more than a 70% LTV.

If you go down in LTV as time goes on I'd guess that you could refi out and get longer locked in terms. Just ask for them to put a ceiling on how much the loan can adjust for the life of the loan and how much it can jump each adjustment. That should build in some protection.

Do some homework on Zillow - 800-900 for a 1 bedroom will not happen unless you are in the hip urban core of KC - I dont know the KC market like the back of my hand but no one will pay that much for a 1 bedroom - thats insanely high.  (* of course hip urban areas or nearly brand new with lots of amenities would be exceptions to the KC or midwest rule imo)

@Josh Lyons  As you can see everyone has their own opinion and you know what they say about that.  Throwing my own .02 in for what it's worth.

If you're the type of person who does not know how to do any work yourself, not mechanically inclined etc there's no point.  Plenty of workarounds.  I live in KS - a LOT of people here have trucks same as in OK, TX, NE, SD, CO, NM etc - I spend most of my time in these states - it's what we use - a lot of people know how to work on stuff around here and are mechanically inclined - anyways - if you can get other uses out of it and it will benefit you in other ways then why not - I love to hunt/fish and just got back from hunting antelope in NM - so my pickup serves me in many ways.

Another way is to buy a larger SUV (tahoe, expedition/Suburban) put a trailer hitch on it and get a used cargo trailer, and a utility trailer - if you hunt around you can pick up both for cheap including the SUV.

If you have no functional use for a pickup in your everyday life then dont waste the money.  I buy vehicles with around 100k miles on them and run them till 250k or more - I've been around vehicles a long time, came from a vehicle related industry and know how to keep a full size GM vehicle on the road for that long and longer - so it doesnt cost me much.  Speaking from auto experience you'll find far better deals on pickups/SUV's by looking in OK, TX, NM and possibly Georgia markets - but if you have zero auto or limited auto repair/knowledge I'd just stick to buying something local from a place that will stand behind it.

Just need to factor what you're strengths are and go with it.   Like others have said - appliances can be delivered, old ones removed, debris can be cleaned up and hauled off by others, etc - so if you think like a business owner which has taken me years to do and I still struggle with you'll find other ways to leverage your time.  Like someone said - paying $79 to Home Depot - may hit the bottom line but in the grand scheme of things how much is your time worth - say $25-50 an hour - usually going to the store, picking up, delivering, unloading etc will take WAY longer than the amount you spent on those smaller things.

A few guys have said it in podcasts - if you can find someone else to do something you can do 80% as good then have them do it and put your time to higher/better uses.

Though with that being said - I only learned a lot of what I've picked up over the years by being hands on - but the road to get to any level of success certainly took way longer - Guess like they say there is more than one way to skin a cat so pick one and go with it.

**PS - here's a little tidbit - truck owners HATE being asked by someone to borrow their truck - if you want to use one rent one at home depot or buy your own - I've had a pickup since I could drive and as I've gotten older it just annoys the crap out of me.  I'll make exceptions for very close friends or family but try to limit it.  I'm sure other pickup owners can relate.

@Jonathan R.

If you're buying around WSU - I think it depends on the quadrant you're buying.  I went to school there and lived not to far away for 12 years until I moved last year.  

Anyways - somewhere at WSU they have an architects drawing showing what their future plans are - I believe most of their projected growth is from 17th St to the S bounded by hillside/Oliver of course - one of the Farhas has known this for a while and that's why he owns most everything within a block or two of 17th and hillside.   I'm thinking they dont plan to expand much past Fairmont park -- maybe just on the Southern edge of it and I think most would be on the W side of Fairmont.

I've seen a drawing of it once - cant remember where - I also use a plumber that was a master plumber at WSU for 30 plus years and he retired this past January - he's seen it as well.  So hopefully you're buying close to there.  

Unfortunately racism and prejudice blatant or subconsciously  in our town will keep the other quadrants down - only other neighborhood I'd hold out hope for is the estate lots NW corner of 21st/Oliver down to Sorority Row and N in about that line to 29th St - the southern half of that neighborhood was the old Wichita Country club if I recall.  Think that whats Braeburn was originally built for - back in the 50s or 60s or so I've been told by some old timers.  Neighborhood went heavily minority but I think there's renewed interest in it as most people who have owned those homes with larger lots are going to the grave before they sell -- I wanted to move in that neighborhood pretty bad but could never find the right deal.  Best bang for the buck and what I hoped would be future appreciation for the land and size of house you'd get.

The heavily minority neighborhoods SE of 17th/Oliver, W of Hillside between 21st/17th or to the South and about the cemetery on 21st W to Hillside and North I would hold no hope for much if any appreciation in your lifetime.  I'd like to hope Im wrong but I think our society speaks for itself.  

@Jonathan R. I think it really depends on the neighborhood you are buying in.  If you get lucky and there is some urban renewal that eventually takes place then you'll have decent appreciation or at the very least you could exit by rehabbing the houses, placing additions, whatever it takes to get the house to full retail level for whatever is going on around you and then exit.

But if you look in Wichita at a couple of neighborhoods that will never appreciate and have never appreciated - Plainvew and Hilltop - they'll only appreciate if they take a bulldozer there like they should have/were supposed to after WWII/Korean wars ended.

Yeah that's pretty sketch - probably Hilltop depending on the block and as Im sure you are aware the further west and closer to hillside you go the better it gets - whenever you start to hit the convent where Lincoln curves I've felt it starts to improve quite a bit.  Ive heard through the grapevine there's a landlord or two that do real well in Hilltop but it's something they specialize in - Ive probably heard the name at some point but have since forgotten it.  Message me your cell # and I may know a guy who knows a guy that could possibly help you or maybe he'd know someone wanting to buy it so you could move to an area more suitable for you.  I just got burnt if you've seen the thread for the first time in 12 years on a higher end rental so it really doesnt matter what level of folks you are dealing with...problems to be had at all classes.

Sounds like you should be buying Jonathan Roper a coffee as well...ha - I know I could learn a thing or two from him dealing with the lower end rentals - nothing I've attempted yet.

@Nick K.  where is your duplex located?  I'm from Wichita so am curious.

How many beds and have you worked in the industry or do you have a medical background?

@Gwilym Griffiths

I'm a mixture of both my friend.  :)