All Forum Posts by: Brett Danehey

Hello all, 

I'm currently negotiating some seller financing deals in Wichita KS. I was hoping to get some input on any real estate attorney's in the area. Just some names and I'll vet. I figure this is better than jumping on Google and crossing my fingers. 

Thanks, 

Brett

Hello fellow investors, 

I wanted to gauge some of your thoughts on payment deferrment due to covid. I've got one tenant that hasn't paid and I've been using reserves to make my payments. I wanted to see if anyone has requested payment deferrment from their lenders and get your thoughts. 

I can continue to pay through my own reserves, but wondering if I'm burning cash when I could just defer.

If anyone has gone the deferred route, I'd love to hear your take on it. 

Thanks everyone as always I love your insights. 

Brett

@Dan Bass I've looked at Topeka before I chose Wichita. I went to school at Washburn and my thoughts and numbers are pretty thin in Topeka. Not that there isn't some opportunity, but investing from afar, I don't really have the chance to get a crew that can do the rehab on the homes that I think would turn a profit. 

Speaking of questions on property. Has anyone else looked at the duplexes on Meadow Creek cir. in Wichita. There's a number of them that are selling 3 bed and 2 bed. And seem to be moderately priced. What am I missing here, feel like those are a good deal. Any insight would be great!! 

https://drive.google.com/drive...

here's the link to the appraisals and rents that we started to put together everyone should have access to contribute 

Hello everyone, 

I was going through my daily research and breakdown and started to think that it would be good to have a meet up some time this year. It sounds like many of us are from outside the area. Wanted to gauge interest in having a weekend some time this summer where we all congregate in Wichita to talk shop and get to know each other and possibly do some work. 

And a reminder of our appraisal and rental documents for acquisition that everyone should have access to fill in and view when doing your research. 

Brett

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $89,900
Cash invested: $17,500

Sfr 3/2 located in central Wichita

What made you interested in investing in this type of deal?

I'm currently building my portfolio. I had closed on my first property on October 1st and already had it rented by Nov. 1. So, I got that itch late October, and put in another round of offers and this one was accepted.

How did you find this deal and how did you negotiate it?

I found it on the MLS. After the first couple of months of trying to low ball and having the market bid at asking and up, I started to go in at asking with closing costs put on the seller. For this property I went at asking, with that stipulation. They came back at covering half of closing. Since I knew this would be a 1%Plus deal I was good.

How did you finance this deal?

I went through a broker Flatbranch. My agent recommended them. I got a pretty solid rate at 3.6%. There was a hangup in teh 23rd hour. I had initially secured some private money with a promissory note, but the lender said with my D2I being almost capped since they aren't taking my second jobs income or my other rental's. A note/gift would not count or be able to be used to pass. So, in the last minute they allowed me to put down 15% which means I've got about $30 in PMI.

How did you add value to the deal?

The house only had a few minor touch ups. The sellers had remodeled, so there wasn't much I had to do. And in the inspection the sellers took care of all the work that I had requested.

What was the outcome?

I was able to get the home, we listed at $1050, but didn't get the apps we expected. So we dropped to $995, and we just signed the leases. So I carried it for a month and a half. But I ran my numbers and the deal made sense all the way down to $895.

Lessons learned? Challenges?

My lesson learned goes back to the financing and making sure next go around if I'm using private money get it in the account 2 months before I go through the process. So, it's "seasoned". Also, don't get greedy with pricing. I did my homework and I felt it would be in the that $950 range. My PM pushed for the $1050. The difference and losing a month of a rent is about 4-5 months in loss.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jason Gilstrap is my agent. He's been solid through both purchases. Gives me real feedback on neighborhoods and possible issues of renting and tenants.
My broker at Flatbranch Grace, she made it work with the last second pivot and getting my qualified and to the finish line.

I believe you're in control of the asset. So, this is back on the landlord and screening the top tenants. Also, the quality of your product to attract more stable renters. Lastly making sure you've got the reserves to weather the storm.

There are ways to mitigate or decrease the chance of being stuck because of outside factors. 

Hey everyone, 

I've got a quick neighborhood question. Archie Adams Subdivision near Southeast BLVD and E. Pawnee St. I've got a possible off market deal. Rentometer is saying rents are around $650. I'm wondering how rough of a neighborhood this is. We talking rough area or working class? Any help or insight is appreciated. 

Also happy new year everyone!

@Toby Khan, thanks for the recommendation. I'll be reaching out to him. 

@James Milne I'd love to talk to you and learn more about the process, and get some insights. I'm not looking to go into flipping, maybe help fund a few for the lessons. I'm looking more how can I grow my rental portfolio faster. 

Thank you both.

Hey everyone, 

Just another Tuesday evening obsessing over real estate. Question, I'm rolling through listings, and of course I see a bunch of rehabs that are identical. Does anyone know who the flippers are in the area? I'd like to get some general insight on flipping in Wichita and possible partner. 

If anyone has any connects or names, I'd love to connect. 

Thanks