All Forum Posts by: Bry Thomas

Hello all, this is my very first deal/project and it is a good ol flip. I have been scouring BP for a while now reading the blogs and listening to the podcast. I'm feeling very confident in the property and the team I have in place to help me finish this project. But I have come to my first snag..

Im not exactly sure how to go about acquiring/financing the deal. This property was my mom's for several years and is actually the house I grew up in. She is willing to sell it too me for cheap, $20,000 but it needs a good amount of repairs/cosmetic work. After having a few estimates performed I need roughly $30,000 to complete the job, but I would like to have about $35,000 on hand in case something comes up. Because I know that is inevitable.

My main concern is having the money while I have the work done. I know I could go through hard/private money lenders but for this first project I would feel more comfortable dealing with more traditional bank financing. Does anyone have any suggestions on the types of loans that I could pursue or have any ideas how to go about financing this project? I'm

I live in Wichita, KS and the property is in Independence, KS which is roughly two hours away. I will be taking 3 to 4 days a week to travel to the property and work on everything. I am 22 and out of school. I have about $17000 in the bank as savings but dont want to delve into that unless absolutely needed and I have pretty good credit. My goal is to the potential gains on the property after sale to begin investing in buy and hold rentals here in Wichita.

This is a link to the album I just posted to facebook. A bunch of before pictures with afters coming before too long! Any help and advice is immensely appreciated

https://www.facebook.com/bry.thomas.96/media_set?set=a.10203772993502209.1073741826.1140099235&type=1

Thanks for the input, i never would have thought about the possible taxes situation

Ok so a quick back story. The property Im interested in is actually the house I grew up in. Before talking about emotions hear me out. My mother had a thirty year $30000 mortgage on the house with the mortgage company Beneficial. A little over a year ago she was given the notice that they were starting the foreclosure process. She didnt have the money to fight any of it and was kind of done fighting it. She ended up filing for bankruptcy due to other financial problems.

So a year passes, the foreclosure never progresses, and the house has been empty for about 9 months. About a week ago she got a letter in the mail saying something about the house being her's free and clear, that she just has to pick up the deed and pay the property taxes.

That seems strange to me that they would send that and not try to get any more money from her. Has anyone ever heard of this before? Can it be legitimate or is it too good to be true? I can upload a picture of the document as soon as I get a copy.

If it is true then I will be buying the property from her on the cheap then either flip or rent out the house. That part Im not concerned with, I just wanted to know the validity of this strange document.

Thanks for any help, you guys are the best!

Thanks for the welcoming! I wasnt sure how many like minded investors from wichita would be on the site but I have already found several! I have already spent a considerable amount of time reading the blogs and listening to the podcasts, BP is exactly what I want/need as a beginner investor. Look forward to seeing you all in the forums!

Hello all! This is my first post looking for some good guidance, hopefully before long I can start posting good guidance for others!

My question might be a no brainer but it has to do with the potential cash flow left after paying expenses in a buy and hold/rental situation with conventional financing.

Here is a simple scenario: Duplex with long time renters was bought for $85,000 with 10% down on a 30 year mortgage. Monthly mortgage payments and other expenses total about $450 with renters paying $850 leaving cash flow of $400. I still have a rainy day fund so I dont need to squirrel away any of the $400.

Now is it more wise to put some/all of the $400 towards the mortgage to build equity faster and potentially borrow against it later on, or is it more beneficial to keep the money aside to myself for future investments? They both sound the same to me but Im not sure if the greater amount of equity sounds better or not.

Im a newbie so go easy on me!

My name is Bry Thomas and I am located in Wichita Kansas.

I have no experience with any deals (yet) but I have been doing the research, utilizing a lot of BP and it is great.

By the end of 2014 I plan on having completed at least two deals but certainly not limiting myself to only two.

Currently I am looking for single and multi-family properties to begin investing in. Im looking for roughly three bedrooms and the closer to the Wichita State University Campus the better!