All Forum Posts by: Chris Phillips

@Young Park what’s the verdict? I’m still looking at line of credit options. Did you get your Penfed lines up and rolling? How are they working for you

@Matthew Lockwood I actually posted a similar forum to this just today lol. My situation is a little different as I live in Grain Valley but have 2 rental properties in Arkansas. Makes things tough. :)

Best of luck to you. And if I find a local solution to my problem I’ll be sure to let you know what I came up with

My wife and I live in Kansas City. We own 2 rental properties outright in Arkansas (one is on the Missouri side one on Arkansas side, both towns are the state line).

I purchased them both cash. (A mistake looking back). And now I’m ready to start buying rentals in the KCMO area. I’ve called every bank on the google search within 30 minutes of where I live and can’t find anyone willing to do a Line of credit on out of area investment properties.

I know from my time where these rentals are that local banks down there aren’t likely to do HeLocs or business lines of credit either.

Does anyone have any other ideas? I’ve listened to the podcasts and heard about private and hard money lenders. But how do you even go about finding those?

Any opinions or suggestions appreciated.

@Blaine Alger we had an account at a local bank (small town). We got it set up with the bank that our tenants would come and actually deposit rent directly into our checking account. The bank would give them a deposit receipt (without our account number or anything) just saying that they deposited the amount into our account. Worked pretty well. Better than cash

@Kevin M Dobyns congrats! That’s a big step. But an important one for your future. Good job, and good luck in the closing process:)

@Keaton Smith I wish you luck. My wife and I were in a similar situation a little over a year ago. We had just under $300,000 in cash. We ended up purchasing a 4 unit apartment building and a single family home in rural Northern Arkansas (total of roughly $130,000 cash invested). We are getting $2,025 per month in rent. But the trade off is these places will never appreciate in value and are sometimes hard to find new tenants.

Cash flow is extremely important, but looking back, we do kind of regret the apartment purchase because it will never appreciate. It’s a 100 year old building (originally a church and was remodeled into apartments in the 90’s). And it’s not a terribly nice building. But it does produce a lot of cash flow. So it’s give and take.

All I will say is be careful. Especially as an out of state investor you could get into a property with unforeseen issues or that won’t appreciate. Best of luck!

My wife and I are excited to announce our first non-investment property! We currently own a SFH and a 4plex in northern Arkansas. And on the 18th of August we close on our new home here in Kansas City. We excited for a lot of reasons. I made a video on the subject and would love feedback from bigger pockets members.

I believe this home will be a wonderful place for us to live for 5-10 years while starting a family and continuing to purchase more rental properties. :)

@Ian Kugel congrats on your first deal!

@Shiloh Lundahl

The wife and I had one major goal this year, buy a good value SFH for us to live in for the next 5-10 years. We are now under contract to do just that. :)

Under valued neighborhood in an under valued town. One of the lower priced homes in the area. Most houses in suburban Kansas City are selling 10-15k over asking price with multiple offers. We got accepted over 3 other offers at 7,000 over asking. We couldn’t be more excited:D

@Ryan Hazelwood

I'm 27 (28 in September). Wife is 25. We have 5 units (1 SFH and 1 4plex). Next month we close on a SFH for us to live in. We are buying a lower end house for the neighborhood and over the next 5-10 year years we will improve it to be one of the nicest in the neighborhood. I'm expecting a VERY good appreciation for the neighborhood and for the town. :)

Anyone can be an investor. You just have to budget your money and find a lender who will work with you. :) good luck!