All Forum Posts by: Corey Reuter

@Carnet Williams hey Carnet. I live in in Kansas City and am almost certain I know which property you have under contract. I was lightly looking at it too.

PM me if you would like to discuss. I know out of state can be hard and I am not sure if you have had the chance to view the property in-person.

Thanks @Todd Rasmussen I read that online too and I took that as I can not obtain possession of the property. But there is a way to file for a new title (what the tow company will eventually do) and own the vehicles.

I’m wondering if anyone has any experience doing that?

Hey Bigger Pockets Community - 

I am putting in a cash offer on my third duplex (very exciting) but there is definitely a unique twist. The previous owner rented to an tenant that passed away TWO YEARS ago. The owner never cleaned out the property of personal belongings; when walking through it looks as though that individual just disappeared, nothing has been touched. Luckily there is no stench and there was only a jar of pickles in the fridge. Among other things, there are two cars left on the property that belonged to the deceased. I do not have any knowledge of the owners attempt to outreach to the family, but I assume it was to no avail. I am in Missouri. What are my options? Can I take possession of the cars and resell/donate for tax write-off? Do I have a moral obligation to spend the time tracking down the family? 

Appreciate the responses in advance!

@Chris Mason DTI is strong and assuming the next multi-family will have some level of occupancy, the DTI will not be a factor in this.

So friends and family may not be the best route to additional funds needed as down payment.. I am concerned that a second mortgage will not be sufficient as my previous two deals were closed in early march of this year (not a lot of equity on the bone right now), a HELOC requires 6+ months of ownership to be appraised at anything other than purchase price, and a refi would be expensive...

That leaves me with a personal loan, just pay the interest on idle money from friends and family, or waiting for HELOC/refi/2nd mortgage to make more sense? I suspect each property will appraise for $165k+ - outstanding loans on each are $89k and $101k.

Thanks!

@Matthew Jacobsen That would be the purpose, using the funds for a down payment. With a traditional investment property loan via bank, I was told you can not use gifted or use non-certified loan monies on the down payment (note that this is different if you are planning to inhabit the building). What I am running into is: If I take a loan from a friend or family member, that is a non-certified loan and therefore can not be used for underwriting unless that money has 'seasoned' in my bank account for at least 60 days. Or the friend/family member must be on the loan with me, which is something that I will not consider.

I could explore the idea of a commercial loan, but I worry that they will not be interested in carrying a note under $500k.

Hi there - I have completed my first two deals, which are going better than anticipated, and am trying to keep carrying this momentum. I had a discussion with my lender yesterday about preparing my finances so that I can jump at an opportunity if it chooses to present itself. I was asked what funds I had available and I mentioned around $75k (which does not go far at 25% down). I have access to funds through friends and family that I fully intend to leverage; only problem is that I informed that large deposits would need to sit in my account for 60 days to season and for the bank to permit use of the funds for underwriting. Any advice to circumvent this? It is had to foresee when the next purchase will be and I would like to avoid paying interest on idle cash.

Thanks!

@Account Closed - Have you had any luck with local banks or is it best to keep your refi to the larger houses? I keep getting shut down by the big banks when I tell them I want to develop a partnership and explore flexible lending arrangements...

@Nathan Roberts Thank you! It has been a lot of work, not going to downplay it. I've been working my 8-5 job and working from 5-11 plus weekends on the duplexes for the past few months. It is shaping out to be one of the better investments I've made though! Cash on cash is shaping out the be 25-28%. I would like to cash out refi and have ample funds available for another, hopefully larger, project. 

Property is in the Procter neighborhood. Right where W Linden and S Crysler meet. Let me know what you think if you get a chance to drive by!

I like everything about cozy.co except for the 5 day payment processing timeline.. 

They do offer an express 2-day deposit at a cost but am not sure why anyone would pay for that service.

LuAnn - Just keep grinding! I had been searching for a property to meet my wants for almost a year! Wanted to make sure to start off my real estate career on the right foot and not get into something disparaging.