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All Forum Posts by: Eric Phillips

Eric Phillips has started 5 posts and replied 17 times.

Originally posted by @Caleb Brown:

It can be. Kansas City you have to be precise. Most of the time you want to e in the suburbs North, East, and South of KC. I individually send deals so I don't list them on my website

 That makes sense. Can you put me on the list?  I can pm email. 

Originally posted by @Caleb Brown:

@Eric Phillips

I haven’t seen a slow down in renting units out. There is low inventory for rentals and many tenants looking for places to stay.

Sounds like a good spot to invest in.  It seems like there are good pockets and bad pockets in Kansas City and the outlying area...is there a map of areas that I should stay away from?

Also do you have more MLS listing than what's advertised on your site?

Hey all,

I'm looking into the Kansas City area (Independence or other outlying areas) to invest in a rental property and I'm trying to gauge how hot the rental market is.  Do rental homes have issues placing tenants quickly?  I saw one site saying that 40% of people in homes were renters....is that a good ratio?

Thanks in advance!

Post: 1st BRRRR home strategy out of state

Eric PhillipsPosted
  • Posts 17
  • Votes 7

I would really appreciate that!

The 7800 bucks out in California is a really good deal. Everything in California is overly expensive, taxed and sued haha. 

Post: 1st BRRRR home strategy out of state

Eric PhillipsPosted
  • Posts 17
  • Votes 7

That's great information! You're right. When doing this remotely you really need a team.

I need to see what's on the MLS. Zillow is such a inaccurate source and is really just a tease.

The reason I'm leaning towards the ready to rent model is that it's the first time I've invested in real estate aside from my own home and I'm nervous. I'd rather make my down payment back plus a little money to cover costs and be able to do it again rather then take a big risk.

Again I think its important that I get with someone who can show me what's really on the market and what the comps are. Finding deals and working with people is my strong point.

I recently added central heating and air to my home....had 3 or 4 quotes for $12-$15k or greater. I got it done for $7800 due to making friends with contracters who knew a guy.

Do you know someone or could you show me some of the properties around San Antonio? I see you're doing wholesale.

Thanks in advance!

Post: 1st BRRRR home strategy out of state

Eric PhillipsPosted
  • Posts 17
  • Votes 7

Greetings,

I'm looking into how to go about securing my first rental investment property and I thought I'd lay out my thought process here. I was an active duty military member down in southern California for a few years and I came to the realization that rental properties in close proximity to bases would make a great investment. My goal is to use the BRRRR method and try to collect multiple single family homes outside of California...too expensive here and renters have a lopsided amount of rights.

I'm looking into San Antonio/ Dallas area to begin my journey into owning my first rental property.  Seems like i could snag a 3/1 house thats nearly ready to rent for about $130,000 and the rent would clear me $300 - $550 a month in profit. Ideally I would be able to refi right after getting a tenant in, get my initial down payment back out to hunt for the next house and meanwhile i would be saving the profit of the first house to deal with any issues that may come up with that house. 

Here's what i have to work with:

My current CA home value = $600,000

I only owe $222,000 on the house

I refi'd 6 months ago to get money to upgrade the house...central heating and air/ new kitchen/ landscaping/ New electrical panel and 200 Amp service.  Surely these things will boost the home's value.

I have a steady job that could afford to pay the mortgage of the second house should i not have a renter.

700 ish credit score

No real debt besides a truck payment/ motorcycle payment...low debt to income ratio basically.

I've owned a house since i was 20 years old...30 now and I've done tons of troubleshooting/ repair on homes so i know a dump when i see one.

Here's what i know i need to iron out:

How do i come up with a down payment for the second house?  Refi my primary residence since my i have a ton of equity?  I have some cash but would rather use that on rehab.

What is considered a rehab?  Like paint and flooring or is that not considered a rehab?

If all i do is cosmetic stuff like paint/ floors/ lighting then can i refi and get my down payment money back out?

I want to refi my rental property asap to get that down payment money back out of it to buy another house.  I understand theres an overlay that could be 6 months to a year, which is a crapshoot.  I also know there are lenders out there like maybe small credit unions that will refi you right away because they have money of their own.  I'm guessing you either call around to find one of these lenders or someone cool could refer you to one.

Should i start working with a realtor right away?  I'm thinking it may take a while to find someone I like... ideally someone i could continue to use.

I've been doing a ton of research but also value others opinion so answering any of these would greatly help me out.

Thanks!

Post: New member in the bay area

Eric PhillipsPosted
  • Posts 17
  • Votes 7

Hey all,

I've been lurking for a week or so and decided i needed to join. I'm located in the bay area but have no intention of investing here. I currenlt own a home and I'm looking to get into the BRRRR strategy for investing. I would like to invest in cheaper homes near military bases initially. Having been in the military for a number of years makes me think that it would be very consistent and reliable money. Looking forward to learning!