All Forum Posts by: Wyatt Seidel

Out here in Kansas City we see a lot of 3/1 and 2/1's. It's almost expected when it comes to investment properties in this area.

Hey Derek! I work for New Western in Kansas City. Buying a property with a hard money lender is always permissible.  A lot of our investors use hard money lenders to buy the properties. Just make sure your hard money lender is on the same page as you when it comes to what you're trying to achieve. 

Quote from @Greg Scott:

Your lender can tell you what the minimum requirements are to keep your loan in good standing.

Personally, I wouldn't go cheap on insurance.  I've had a property hit by a fire and another a tornado.  I've received more in claims than I've paid in premiums.  If I had gone for cheap insurance, it would have been devastating.

For a SFR, I'd get a DP3 policy.

^^ I completely agree with this statement. Your agent should and lender should give you that information but don’t skimp out. My wife and I just recently had to file a claim for a flooded kitchen on our duplex and we ended up get everything fix and mitigated and we’re able to pocket money. Don’t go cheap because it can save your butt in the end if something goes wrong. 

Great question Garrett! Unfortunately, this is not legal. If the seller has agreed to do creative financing from the get-go and do some sort of seller financing agreement, this could be a possibility. But if you plan on getting a conventional loan, this would constitute as mortgage fraud. Best of luck! 

Hey Steele! As a new investor I think one of the best things you can do is join as many REI groups as possible in the area. I would also recommend giving some real estate investment firms a call like New Western. New Western specialises in investment properties only and my wife and I bought our first fix and flip from them. Long story short, the flip went great and I actually now work for New Western lol.

Another piece of advice that I’ve learned in my little bit of experience is to use small, local banks when it comes to the refinance process. ALSO, don’t forget to have your lender (if you’re using one) put a mortgage lien on the property you’re fixing. My wife and I used a lender for our first rental and we forgot to ask them to put a lien on the house which made us have to wait the “title seasoning” period of 6 months, even though we had finished the work and rented it out within 4 months. Those interest payments can add up. Let’s keep in touch! Excited to hear your journey! 

Happy Sunday everyone. My name is Wyatt Seidel and I’m a new agent in the Kansas City area. My wife and I also own 3 LTR (a duplex and a single family home). I’ve always had a huge love for real estate and left my nursing profession in the last month to fully pursue real estate. I’m working for an investment firm where we specialise in selling distressed properties to investors, flippers, contractors, etc. This is more of a “hello” post to introduce myself and see if there is anyone who would like to network/connect. Not only for real estate related topics but to form a friendship as well. I’m a firm believer in the people you surround yourself with, can dictate your future. Frankly, I want my future to involved real estate. Let’s connect! And question for the day: is the Midwest one of the only areas where the 1% rule applies? 

I’m also going too attach a picture of myself so you all can see I’m not some spammer robot