All Forum Posts by: Ashleigh T Lambert

@Chris Lopez, I'm interested!

Here's the information you requested

• Investing Experience: Rather new to the investing world, but as with all things-- my motto is "go big, or go home."  Since November 2019, my husband and I have purchased 9 buildings with a total of 21 units--all requiring rehab, one is a full gut.  Oh, and they're all out of state!
• What you want to learn: Everything. I'm a researcher and number cruncher. We've done our own DIY projects, but nothing on the scale we're into now and never with an eye to ROI. Here's the top things I'd like to learn more about: --How do you network/find your deals? How do you finance your deals? How are you doing this in a "hot" market? What do you look for in a rehab property? What renovations bring the best ROI? How to you interview/hire contractors? How do you analyze your deals?
• Roadblocks (if any) that you're currently running into: Well, we've gone big!  We bought out a pretty crumby landlord, so we have a lot of deferred maintenance that we're dealing with as well as large-scale renovations.  One building is stripped to the studs.  And, that one needs funding--we leveraged our renovation budget to purchase the other 8 properties.  
• A few sentences about you: My husband and I both work in technology startups (Flexible schedules.)  We're used to risk and we're used to doing our research.  I've lived in Denver for 15 years as an adult and lived here for part of my childhood as well--I've seen the neighborhoods change over time.  Love to be outdoors--skiing, hiking, biking, etc.  
• We both wish we'd known about real estate investing 12 years ago when we were dual-income and no kids!  We purchased a lovely home in the mountains, but probably could've retired had we just invested in rental properties in Denver with that money!  
• I'm the primary decision maker re. real estate investing for our business, High Alpine Properties.  My hope is to replace our other incomes within the next 5 years and also provide a vehicle for teaching our daughter about investments, setting her up with a secure future.

I love the idea you have for this show and I'd love to be a part of it--wish you'd started it a year ago when I started consuming every piece of real estate wisdom I could get my hands on!

I'd love to be added to the list as well!

Thank you all for your responses.  Definitely echoes the hesitations I was having.  So, I went back to the seller and told her I would like to take possession of the title and have her as a lien holder or, I could go with traditional financing.  She said that either option was fine with her--so, I haven't lost the deal and will get to put less money down and have control of the property from day one!

I'm still new to this, but I know owner financing can be a beautiful thing. I found an "ugly house" with a highly motivated seller. She's willing to sell for $59,000, downpayment $20,000 0%apr with payments of $650 x 60months. Sounds great!!! I've already had a contractor over to look at the place and it will need $50,000 in work, but will ARV around $140,000 and is a duplex in a desirable area with good rents that will cover. FYI--I'm an out of state investor.

SO.... I've corresponded via text and email with the seller (she's also out-of-state for the property) and we've reached our terms.  She mentioned that she would do a LAND CONTRACT for the term and it will be filed with the county.  I've reached out to a local real estate lawyer and my contractor has also done these deals--so I have some great resources, but want to pose some questions to the hive mind here as well:

1.) I've never met this person, I know her name and it matches to the name on the title via a county title search.  Is there a way to ensure she is who she says she is and has the right to sell the property?

2.) I've reached out to the title company and will get a title search--will this also disclose any liens on the property?

3.) With a land contract, am I taking a risk?  I will be heavily invested in this property and the improvements--I don't want to lose it.

4.) Can I take out a mortgage/refi the property before the term is up on the owner financing and pay her off? I'd like to BRRR this one and don't want to wait 5 years for my investment.

5.) What other questions should I be asking or aware of?

Thank you all!  As I said, I have an appointment to speak with an attorney, but I want to have my ducks in a row before I go in there--they charge by the minute :) 

Thank you all for your help--it has been a roller coaster with that particular property and we had to cancel the deal due to issues with the seller. But, under contract on another and in negotiations with yet one more!

I only know of the DEA website--if you zoom in on the map to the area of the property, it will narrow down the list below the map to just that visible area.  This has been helpful for me--but I can't tell you how reliable it actually is.

@Marcus--yes, crazy market but was able to get (what I think) is a good deal.  I did look at PFCU--my boss is actually on their board, so I have a pretty good relationship there.  HOWEVER, their loan officer stated that they cannot offer anything about a 15 year loan on investment properties.  They do have a 15/30 balloon, but can't do a 30 year conventional--just a head's up!  Any recommendations for property management--that's the next time on my list!

This is my first investment property--  Under contract on a duplex in Lafayette, IN.  I ran the numbers assuming a 30 year note w/ 25% down at 5%.  (I was recently under contract in Kansas City with similar terms--so, thought it was a safe bet to use these numbers).  I am now pursuing financing and the banks and brokers in that area are telling me that I can only get a 15 year term or 15yr w/ a 30 yr balloon since it is an investment property.  Is this correct?  It is completely jacking up my numbers and blowing my returns out of the water.  

If this matters: excellent credit, own our home, first investment property--no other debt, have cash in bank that would cover full purchase (no, we don't want to pay cash at this point).

Thanks for your input.

@Logan Freeman Thank you for the suggestions.  I'll definitely reach out and would love introductions.  Look forward to meeting soon!

I'm a new investor looking at KC for my first property. Interested in SFH or small multi-family in class B (or on the verge of C) neighborhoods to buy and hold. Focus is on cash-on-cash ROI and cashflow. Would like to stay under $200k

I will be out in KC for work in a few weeks.  How to your recommend I maximize my time while I have boots on the ground?  

Thanks!