All Forum Posts by: Jeffrey Trudeau

This past winter my business partners and I purchased our first out of state property (8 units in Kansas City) for ~300K.

This first year we are making many upgrades and will not turn much of a profit. We are planning on holding the property for the long haul.

We have talked about cost segregation, but not sure it would be worth hiring an engineering firm/ CPA/ Tax attorney for a property that low in value.

Would like to hear what the BP community thinks. Thanks, Jeff

My brother and I are currently on the search to purchase a primary residence with a FHA loan in MA.

We are looking at 2/3/4 unit residential properties mostly.

Today we came across an off market deal from a family friend. She has 2 homes for sale (right next door to eachother, on separate lots). A 3 bedroom and a 1 bedroom home.

Question 1: Is it possible to buy both properties together under 1 FHA mortgage?

Question 2: Could we move into the larger home and rent out the 2nd? (I’m assuming no)

I have minimal experience with residential loans, my current rentals are commercial.

Thanks!

Jeff

@Tom Gimer @Mike D’Arrigo @Colleen F. @Michael Sontheimer @Chris K.

Thanks for everyones advice! I went ahead and checked with the title company and lender. FYI the property is being purchased under a MO LLC.

Title company-

All they needed was a simple "LLC resolution" as Tom said, signed by each member, allowing 1 member to execute RE deals on behalf of the entire LLC.

Lender-

They required a POA. I executed a Massachusetts and Missouri POA. They reviewed the documents.

We are all set (allegedly) to close next week. Thanks again BP!

@Charlie MacPherson Thank you so much! Very helpful. I will reach out to my banker & real estate broker in MO to put me in touch with a RE attorney out there. Thanks again, Jeff

I am currently in the process of purchasing an 8 plex in the Kansas City MO area, with two business partners. One of them is my brother.

My brother & I live in Boston MA.

I work in the oil & gas industry and travel 6 months/ year. I will be away in Alaska during the closing.

Our lender requires a mobile notary to witness the document signatures. My plan is to give my brother Power of Attorney. I spoke with one lawyer in MA and he said its Missouri, so I have to speak with an attorney out there. Anyone have advice on the subject?

Thanks

@Edo Y. Would you mind sharing which lender you went with?

I currently have a 8-unit under contract in KC. This is my first investment property. My partners & I live outside of MO. Right now, the rate we got from Cornerstone seems to be the best. Would definetly appreciate other recommendations! 

@Kenny Hedrington Do you have a specific contact at Bank Midwest that you suggest talking with?