All Forum Posts by: Austin Lohr

Hello BP KC!

My partner and I have been recently focused on mid-size SFH for STR, but location and strategy questions. Would anyone with STR experience in KC be willing to sit down for coffee on us or even just a phone call to provide some guidance?

Thank you in advance!

Any guidance on local (KC) or federal banks? This will be for 2 accounts: first is joint-investment account for my partner in I to deposit funds that will go towards investment equity for properties. Thinking this could be a HYSA or regular savings account. Thoughts?

Second will be operational funds. Income from cash flowing properties deposited here and will also keep emergency/incidental funds for each property. Plan would be to setup an account for each property so accounts are separate and easier to manage. Thinking this would be a normal checking account. Thoughts?

We are thinking it makes sense to keep both account types with the same bank for ease of use, but any reason not to do this? 

Thank you in advance!

Following this as well!

Hello BP KC friends! 

My partner and I have been working on our operating agreement details for establishing our LLC. We are looking for a REI lawyer to talk to about all of the agreement components before submitting the registration for our LLC.

Does anyone have an referrals or guidance/wisdom that can be passed along?

Thanks in advance! 

My business partner and I are putting in an offer on our first property. I will be supplying the capital for down payment for this first property. The preapproval and loan will be in my name. We plan to transition the loan to our LLC in near future so it will be protected.

Question #1: should I put both mine and my partner's name on the property/title? Or just mine, since it will then be transitioned to the LLC. Assume just put it in my name, but curious pros or cons of listing only mine vs. including both names?

Question #2: I know setting the loan initially in LLC's name would make it a commercial loan, so instead doing loan in my name and plan to deed it into LLC after. Will that then convert it to a commercial loan? And if we plan to BRRRR it then should we wait to deed into LLLC until after the HELOC?

Question #3: if you work with a partner(s), what is your strategy for determining equity split? We plan to evenly split the workload and roles and responsibilities, so my thought is to split equity based on investment. My down payment investment vs his rehab investment, and then we split the cash flow 50/50. Thoughts?

Appreciate any and all coaching and feedback on any of the above 3 questions. We are new investors in Kansas City area, so feel free to message me on here and would love to learn more. Thank you in advance!

Hello everyone! 

I'm looking for recommendations for a local KC bank or credit union to get a preapproval through. I've heard many people recommend working with a local lender as opposed to a larger national bank as it's easier to develop relationships and they can sometimes be more flexible. 

Would greatly appreciate any recommendations or coaching on the topic as well. For reference, I live in the Northlands but open to traveling wherever in KC to meet with a lender. 

Thank you in advance! 

Likewise! My REI partner and myself both live in KC and are actively looking for property #1. Would love to meet other RE investors either in KC or interested/active in the KC market.

@Javen Harris Hi, Javen! A little late to this post and just starting out in REI, but would be great to connect and pick your brain, if possible. Looking to learn from the experts in the KC area!