All Forum Posts by: David Cole

I use Zinsser Bullseye 1-2-3 in a spray can. I used to use roll on, brush on stuff, but it was hit or miss. I've never had any bleed-through with the aerosol.

I don't need a 1031 exchange just yet. But will need one when I complete this property and sell it. I currently only owe ~$2000 in back taxes. I have no unpaid debts other than monthly bills and a small amount of credit card debt, all of which are current.

I sent you an email Matthew.

I live in Garden City. The Property is in Kansas City, Missouri.

What I am specifically looking for is perhaps a hard money lender that will work with my equity and not so much with my financials or credit history. I don't know what the requirements most of them look for and am unsure what steps I can take to make that type of loan happen.

I think the trouble I might have with that option is the current condition of the house. It has no kitchen cabinets and electric service cannot be connected until the electrical meter has been upgraded. Also, there are no doors or trim in the house, and one of the bathrooms is bare studs. Also, I don't know if any of this matters, but I don't live there, and I don't plan on living there.

As far as using bank statements, that might work, however, the past few months have been grim. I am owed a bit, nearly $5000 by the end of this month, but I don't know if I will receive what I am owed in a manner which would be conducive in a cash out mortgage situation. 

I will look into that though. My DTI ratio is extremely low, so maybe traditional financing could work.

I currently own a property in Kansas City, Missouri. I live in Garden City, Missouri, which is about 45 minutes drive from the property in Kansas City.

The property is currently vacant.

I own the home, have no loans or mortgages. I owe approximately $2000 in property tax on that property. I have owned this property since 2016 and have completed much of the rehab. 

I need $33,500-$40,000 to complete the rehab including cost of permits, labor, and materials. The minimum $33,500 is to complete the minimum rehab, updating electric, plumbing, kitchen cabinets, doors, trim, paint, appliances, curb appeal, etc. I would like to maximize the ARV by adding 500 square foot of living space in the basement. That will cost approximately $6000 more.

I have fair credit scores ranging 630 to 640. No delinquencies and no late payments. 

I am a self-employed investment property contractor. I have been in the remodel business for 20+ years and am quite capable. I have worked for the same investor for several years. I am currently finishing up remodeling a bar/restaurant for this investor that will be closed on by the end of May.

My current financial situation is unfortunately not great. I am able to keep my bills paid, but am owed more than the investor is able to currently pay. 

The property needs 4 to 6 weeks from start to market ready. I have a realtor. The property ARV is $180,000 to $210,000. I plan on listing the property for sale 1 to 2 weeks before completing the rehab.

What are my options?

 Aloha Richard. You gave me some new things to consider. Thank you. I assume SD consolidation is security deposit?

 And, thank you both for your words of wisdom. They did not fall on deaf ears. It can be difficult to not overthink things. I'm attempting to answer questions that I believe a diligent investor/partner may ask of me. I may be a bit overly ambitious in an attempt to not be under-educated.

 Perhaps I have worded my original post poorly. I am not concerned with risk. I'm also not a gambler. I am wise enough to know that you cannot avoid risk. I simply want to mitigate it by equipping myself and perhaps potential investors and/or partners with a reasonable amount of knowledge and understanding. I have zero experience investing and am trying to glean information to better equip myself from those with far more experience and know how.