All Forum Posts by: Chris Thomas

@Ben Ashburn where in Missouri is your rental? 

@Ben Ashburn you’ve got a lot going on in this scenario. If you’ve lived in your current home for a year, you should be able to get a new primary home loan, pending credit approval. You have equity in your rental you could refinance and pull from. As far as the offer you can always put in contingencies such as selling of X property, before closing. Where about a in Missouri is your rental? 

Hi Brian, 

I am currently in Sallisaw, OK. Moved this way to help with my Grandfather. I currently have a BRRRR in the process, should be completed in January. I'll also be closing on a 3/2 rental next Friday, also in Sallisaw. At some point I'll be moving back to the Joplin, MO or NWA area so I'd like to build a portfolio with that in mind. However, open to other areas if the numbers work. I've mainly been in SFH's that are full BRRRR or SFH's that need just a little TLC. I'd like to move into multi-family units, and apartments.

New to the River Valley Arkansas area. Live in Sallisaw, OK. Looking to network, get any insight to groups, all things real estate. 

Have "deals" expire so properties that are long gone, are not showing up. 

Wall and the letter streets are hit and miss in Joplin. Lots of lower income housing that can lead to high turn over. However,  Joplin as a whole, the market is hot and prices are high, rent is going up with low inventory. So if the numbers work, it could be a good investment. 

Investment Info:

Single-family residence buy & hold investment in Joplin.

Purchase price: $60,000
Cash invested: $5,000

3/1 need fresh paint and new appliances. Total was around 5k. Has rented for $775 since month two of ownership.

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

Good location and priced right for the area.

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

MLS- Realtor

How did you finance this deal?

Conventional with 20% down.

How did you add value to the deal?

Fresh paint, and new appliances. Cleaned the yard and made it feel more like a home vs a "rental" property.

What was the outcome?

Been a good cash flowing property, with no turn over to date.

Lessons learned? Challenges?

saving the 20% is a slow process. I have moved to the cash buying, adding value and refinancing to keep my cash flow. BRRRR

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

Yes, same agent I have used for years. If you need a referral in Joplin, MO. Just let me know.