All Forum Posts by: Chris McCall

@James Wheelock, James Wheelock, Chad Hotovec, O'brian R.

Here are some realities that I have found along the way.

I had to do owner financing, I couldn't get an honest look from a traditional lender. Their excuses are endless...  Debt to income to high... not enough money down... geographically to far away... Dodd Frank Lending laws... never done a deal before... and so on and so on!

It helped that both owners of the properties I purchased, owned them free and clear

These properties are not A or B Class properties, banks were not excited about them, and the owners knew it.  These are C/C+ properties on their best day, both need serious work to get to B.  But they are fully occupied, and I am slowly fixing them up

Found one property by chance FSBO, and the second one listed with a realtor on MLS

It took me 6 months of serious looking and calling before I bought my first building, but my second one came fast just a couple months later. On January 31st 2016, I was 31 years old and I didn't own a single investment property, now just 5 months later I have 12 occupied apartments, with 3 more to be units that need to be fully renovated at my KCK property.

I have posted another forum  post that I am waiting for responses on, search for it, see if you have any ideas

It takes serious  GRIT!  Believe in yourself and you can do i!  

I have purchased two multifamily properties, one in Kansas City, KS and one at the Lake of the Ozarks, MO. I was able to purchase both creatively with owner financing (very favorable terms for me at both properties), and I currently live in a house in Olathe, KS (suburb of KC Metro) that I own, that was previously a rental house. My goal is to refinance all three properties under one loan, while using the equity from the combined properties to purchase a fourth multifamily complex at the lake of the ozarks that I have found and meets my financial goals.

I am struggling to find a lender that will participate in my plan, (I have spoken with three) most have given some type of reason why they can't participate... 

1. geographically the properties are not in their territory or one is and the other isn't (KC is approximately 3.5 hours away from lake of the ozarks)

2. I have only owned the multifamily properties for a short period of time. Both purchased here in 2016, and they say I can't refinance and realize any equity since I was able to purchase the properties at a good discount, and that doesn't count towards the actual retail value/appraisal of the properties.

I am also wanting to turn my house into a rental, and once I find a suitable tenant, I would rent it, and rent/buy another place for me to live. If I was able to package my house into the commercial loan, I would free up my FHA status enabling me to purchase a duplex-4plex for me to live in and rent out the other portion.

Any thoughts or ideas, or references would be appreciated.

Thanks in advance

My name is Chris McCall and I am a fairly new buy and hold investor concentrating on multifamily properties.  I put my self through college as an apartment maintenance man, and after graduation managed a large apartment complex in KCMO.  I left that job in 2007, and took a sales job in the construction world, and have been saving up and learning as much as I can about buying and holding real estate.  I was able to save up enough money and have purchased two apartment buildings, one in Kansas City Kansas, and a second at the Lake of the Ozarks.  Both where purchased creatively with owner financing.  I have joined bigger pockets to continue learning about real estate investment.