All Forum Posts by: Brett Danehey

@scottburns. I misspoke it was the MLS.

@Peniel EdorhI'm working with Premier Property Management in Wichita. I interviewed 4 different groups and this was the one I meshed best with. Straight shooters which I appreciate. 

Thank you Michael. I've moved around a lot and was looking at markets that I had lived in and Wichita was the one that made the most sense in terms of long term cash flow. I swear investors should buy where ever I move to.. Raleigh, Hawaii, San Luis Obispo, Scottsdale ect.. Every time I move somewhere the prices jump. 

Wichita is still affordable and cash flowing. 

Investment Info:

Single-family residence buy & hold investment in Wichita.

Purchase price: $89,900
Cash invested: $26,000

4/1 SFH in SW Wichita.

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

I've listened to all the podcast and have a goal of having 10-20 SFH and to have them all paid off.

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

NMLS. The owner was 3 years late on back taxes. Knowing it was priced right and after talking to my team in Wichita it was a pretty easy.

How did you finance this deal?

Conventional through BOA (i work there). In hindsight I should have shopped around, since BOA is tightening their lending right now. I had to put 30% down.

How did you add value to the deal?

There were a couple of small fixes that I contracted out through my management company. But it was pretty much turnkey

What was the outcome?

Taking applications for tenants right now.

Lessons learned? Challenges?

Financing I probably put $5-8k too much in because I didn't shop around and I just went with my employer.
I did my homework and interviewed P.M. and I was able to find a company that has everything in house from agents-handymen-contractors. And they shot me straight. There were some other homes I was shopping around and when I'd reach out to them, they were honest on what it would rent for and the neighborhoods. Since I'm investing out of state that was important. They told me no go on 8

Investment Info:

Single-family residence buy & hold investment in Wichita.

Purchase price: $89,900
Cash invested: $26,000

4/1 SFH in SW Wichita.

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

I've listened to all the podcast and have a goal of having 10-20 SFH and to have them all paid off.

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

NMLS. The owner was 3 years late on back taxes. Knowing it was priced right and after talking to my team in Wichita it was a pretty easy.

How did you finance this deal?

Conventional through BOA (i work there). In hindsight I should have shopped around, since BOA is tightening their lending right now. I had to put 30% down.

How did you add value to the deal?

There were a couple of small fixes that I contracted out through my management company. But it was pretty much turnkey

What was the outcome?

Taking applications for tenants right now.

Lessons learned? Challenges?

Financing I probably put $5-8k too much in because I didn't shop around and I just went with my employer.
I did my homework and interviewed P.M. and I was able to find a company that has everything in house from agents-handymen-contractors. And they shot me straight. There were some other houses I was shopping around and when I'd reach out to them, they were very honest on what it would rent for and the neighborhoods. Since I'm investing out of state that was important. They told me no go on 8

Good day everyone, 

I wanted to go to the community here and ask about any possible companies you would recommend shopping my "closing" costs to. As you can see in the C frame things I can shop. I've never taken the time in my primary residences I've bought over the year to think about shopping them. Let me know if you have any companies you recommend. Thank you all for all the useful knowledge you share. 

Thank you everyone, I was able to track down the name and phone number. I really appreciate the tips!!

Hello All, 

I'm reaching out to you all, to ask a few questions on how to track down an owner. There's a resort area that I've seen some condos in that I'd like to purchase for short term rentals and bc I love to snowboard. Non of them are for sale but I want to test the waters of if they are open to letting it go. And possibly discuss owner financing. Does anyone have a good internet search or database they use to find owners of properties. I've tried google: "owner" "country recorder" "deed" then the address and unit numbers. But that wasnt' very fruitful. 

Thanks

That is my question. Thank you for the response. It makes turning my current condo into a rental much more feasible. 

Cheers!!

Question, as a person who knew nothing 9 months ago about real estate investing I bought a primary residence for the short term which is a condo that has a HOA. When I'm looking at buying a new place next year, I was doing the numbers on this condo, and the HOA kills it. Am I able to write off the HOA an expense on the back end each year as doing business?