All Forum Posts by: Ian Reeves

@Brandon Lancaster - The initial lender was different than the refinance lender. The initial lender was a short term lender, but it would be the same scenario if we used private money which we also do sometimes. The difference here is that we use a commercial/portfolio lender to do the refinance. This particular lender did not have any seasoning requirements and they also allowed us to do a cash-out refi up to 80% LTV. This is not uncommon with portfolio type lenders (small banks that keep the loans on their books vs sell them off to the secondary market). The downside is in the terms. The interest rates are higher, amortization is usually 20 years vs 30, sometimes you can get 25, and there interest rates often adjust after some period of time. If you go with a conventional fannie/freddy backed loan you will definitely have seasoning as Chris says above.

@Rob Bianco I would highly recommend Matt Popilek (as long as he gives us first dibs haha).  Matt is an investor himself so he understands the investor perspective and will shoot you straight vs just trying to make a commission:

Looks like I cannot send contact info on here.  He is with Clemons Real estate I am sure you could find him with a google search

@Rob Bianco, I would highly recommend Voepel Property Management.  I have used several PM's in the Kansas City area and they are the only residential property manager I have been consistently happy with. I am in the process of moving all of my residential portfolio over to them.

@Michael Hajduk - Yes renovations will be complete next week (week of  feb 26th).  Let me know if you have any other questions, thanks!

-Ian

@Dallas Kidd - BOOM! Spot on sir.  You always know who the good eggs are in this community because they are the first to openly and willingly share good information without asking for anything in return.  I just got burned pretty badly, will have to tell you about it sometime lol.  

@Jillian McKenna, @Amanda Olvera @Ryan Conklin,  thank you very much for the kind words!  This is actually a pretty old post and it turns out I was sandbagging, still had quite  bit of year left when I wrote this and ended up with a lot more than 7 :)  I am a little over two years in now, broke 100 units and got to be a guess on the podcast.  It has been a wild ride!  Keep at it, its definitely worth it. 

We have a pair of 4-plexes in Grandview MO,  We are currently in the process of renovating 5 of the 8 units (Rents listed are market rent).  3 of the units are currently occupied.  We purchased the properties in an under-performing condition and will have 5 of the 8 units ready to re-lease at market rent prior to sale.  Market rent is $500 per unit.  The three occupied units are currently renting for $375, $350 and $395.  One lease is currently not performing.  This property will perform very well once fully occupied at market rent ($2,000 gross market rent for $140,000).  We will sell individually for $140,000 or will discount and sell for $270k as a pair.

@Matt Pritchard thank you for the mention.  @Mark Sarte I cannot give out my contact information on here, but find me on facebook maybe and lets get in touch and chat?   I may be able to help you out. 

-Ian

Hello BiggerPockets - We hold most of our properties, but do occasionally sell  to keep the bank account full :)  That time has come.  We have two freshly rehabbed rentals available, both in zip 64134 in Kansas City MO.  We have already turned these over to our preferred property manager (Voepel property management) and they are currently marketed to rent.  If you are out of town we are happy to do video walk-throughs, coordinate with 3rd party inspector, appraiser etc., whatever is needed to give you a level of comfort with our properties. 

11307 Booth Ave, KCMO 64134 (3/1)  - Currently marketed to rent for $880 - Will sell for $75,000

8702 Longview Rd, KCMO 64134 (4/1) - Currently marketed to rent for $900 - Will sell for $85,000

https://www.zillow.com/homedetails/8702-Longview-Rd-Kansas-City-MO-64134/2462741_zpid/

-Ian Reeves

BiggerPockets Podcast Episode 237

@Christopher J Lemmon @Harpreet Walia  - I  did a search on BP for zip 66102. and this thread came up.  I recently put a package of 5 homes under contract.  4 of them are in my current target area on the MO side, but there is one KCK home in this zip.  House is currently under-performing (rented at $500), it will some work when the tenant moves out, but I got a great price on it.  I would like to stay focused on my area so I will likely be looking to sell as is.  Full disclosure, I got it for $25,0000. I am not looking to make much money on it.  If either of you are still investing in this area or are interested let me know.  

Thanks!

Ian Reeves