All Forum Posts by: Teresa Hunt

Thank you everyone.  @Boyd McClean  Let me get through the closing on this triplex and get the rehab underway.  If I can get a refi and get the property and the rehab rolled into one payment, that would help me a great deal.  

@Bernard Reisz I will have to look into that with my advisor at Edward Jones.  Thank you for the suggestion!

Thank you Shane H. I may have to use a combination of owner financing and assuming mortgages.  The docs here are mostly young and up to their necks in student loans and their own huge mortgages.  The older docs are looking at retirement and leaving the area.  It's hard to recruit and keep docs in the area due to the fact that there is nothing here for their wives and kids to do.  The last surgeon I worked for is taking care of his young family here AND sending money home to India to support his extended family.  He's Hindu, his wife is Muslim and they have to send the kids to Catholic school to keep them out of the public school system.  The main reason they stay here is because they are stuck with a 30-year mortgage.  Maybe I should offer to assume their home loan and let them rent from me.  Wouldn't that be a strange turn of events! 

Thank you again, everyone.  i've spoken to several loan officers at local banks and credit unions.  They all give me the same story.  I'm wondering if I should go to the president of these institutions rather than the loan officers.  I think I can make that happen easily enough.  I have a very active facebook page so I created a post yesterday stating that I would be interested in assuming mortgages on properties that are about to go back to the bank.  Two people contacted me within just a few hours.  I don't see that either of them is a go at this point, but we shall see.  I will keep sharing that post from time to time to keep it in front of my audience.  I have another question.  Would I be able to secure funding if I wanted to BUILD a multifamily? The bank would own the property if I didn't see the project through to fruition and make a profit.  Your thoughts are appreciated. 

I'm only 51 so tapping the IRA isn't an option. I do have the stock portfolio that I can liquidate if I choose to. I'm very grateful for everyone's suggestions. Does anyone have an opinion on assuming current mortgages that are about to go into foreclosure?

Multifamily is my preference. Here's my other problem....I live in rural Kansas where people who understand this type of thing are few and far between. Getting them on board for a deal is like pulling teeth! Multifamilies are scarce. My real estate agent has a 4-plex and is willing to owner finance so I'm looking into that option, BUT they are all one bedroom units. That poses a problem. Currently, I'm acting as my own bank and leveraging my Edward Jones account. I'm invested in Exon Mobil, Atoms Energy and Harford financial which are all making good ROI so it's a huge toss up at this point. At the present, my rental income all goes back to Edward Jones so I can build the fund back up as quickly as possible utilizing the ROI I get from my holdings. My financial advisor understands that my account will be very liquid for the next few years. She doesn't like it, but she understands. If I could secure financing, I would build a multifamily myself. We need a few of those desperately here as more and more families are moving away from home ownership and seeking out rentals that they can walk away from if they get a better job in a different community. My son is a loan specialist with Mortgage Lenders of America in Overland Park, Kansas near Kansas City and even he doesn't want to own a home. He likes to have his funds liquid...not wrapped up in a single 30-year mortgage and tied to a house he will have to sell if he decides to move or is relocated. Also, I own a single family home near an oil refinery that I will keep and rent out during "turn arounds". The house can easily hold 8 workers at a time. They all eat, work, and sleep in shifts, but it might be worth my while to add another bathroom and laundry room. Lots to think about!

I'm ready to get into real estate investing full time, however, I've recently gone from being an employee to being self-employed. Now I find that I can't get mortgages on properties until I have two years of tax returns to prove that I'm not broke.  I have money sitting in an account at Edward Jones, but that doesn't seem to matter. I currently have to use owner financing which leaves me with high down payments and high monthly payments. This ties up my working capital and limits the number of deals I can do.  I live in a small town where there is much money to be made on rental income.  I'm ready to do this.....but I need som help ASAP because I'm missing out on opportunity after opportunity. I have drive and passion. I'm not afraid of hard work.  I have a general contractor in place. I'm ready to put on my overalls and get some forward momentum! Thank you!