All Forum Posts by: Joey Gorombey

Hi! Working on securing a deal that is not yet under contract (will know within 3 days), and pre-emptively looking for people interested in working on a full rehab in the Kansas City area! Please DM me if interested. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbia.

Purchase price: $270,000
Cash invested: $10,000

FHA house hack on a triplex, I pay $200 - $400 a month with reserves accounted for. After moving out, the deal will cash flow $200-$400, assuming I don't raise rents, improve the property, or shift utilities to the tenants.

What made you interested in investing in this type of deal?

It's right next to downtown in a city with a major university and four hospitals

How did you find this deal and how did you negotiate it?

Found the deal through Zillow. I went in at the asking price because the numbers still worked at the asking price, and I wanted the deal for myself.

How did you finance this deal?

With my own money via FHA loan

How did you add value to the deal?

I plan to add value by adding washer/dryer units and dishwashers

What was the outcome?

I will be moving in two weeks, paying $200-$400 a month to live there, and that's with reserve money set aside.

Lessons learned? Challenges?

Be ready for your plan to change. We had to amend the contract to adjust for closing due to rate locks.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lucas Little is top-notch!

I just finished listening to the latest episode of the Real Estate Rookie Podcast w/ Grace! It got me thinking about how to best expand my position. I move into my first house-hack in two weeks and have 3 units (occupying one of them). With utilities and reserves account for, it will cost me $200-$400 a month while occupying, and cash flow $200-$400 when fully rented out.

Have any of you guys done 5/1 ARM loans on long-term multifamily rentals/buy-and-holds? Other commercial loans on long-term multifamily? What were the terms?

Are commercial loans a good way to circumvent DTI required by traditional lenders? What sort of down payments do they require?

Hi everyone,

Just a quick thank you to everyone who answered all my posts on here. Some of those beginning answers and feedback were instrumental in getting me started! In four months, I went from being filled with analysis paralysis to closing on a triplex with an FHA loan! There is still much to do, and the real work has just begun, but getting past that barrier wouldn't have been possible without BP, and all of you!

To anyone reading this wanting to take their first step: it IS possible. You CAN do it! And I'd be happy to give back and answer any questions that you might have starting out. 

KEEP GOING! 
 

Just what the title says-- looking for reputable contractors in the KCMO area! People that are fast, and can do everything! 

Here's the situation: 

I've got a property I'd buy for 170k all in (140k asking, 20k rehab, estimating 30k). I'd imagine no bank will ever give me 170k for a 140k house. So, let's say I go to a hard money lender and get a balloon payment loan after interest only payments on the first year. 

Is it possible to convince a bank to grant an FHA loan to me at ARV on my rehab, if they understand that I own the house already, and would be living there? The loan wouldn't be used to purchase the house-- it would be used to pay back the hard money lender, and I would own the house already.

Hey All,

Any fellow rookies want to get a Teams or Zoom and share ideas/processes? Could be a good way to establish community in the absence of meetup space for others.

For all you wholesalers out there: in your experience, has been the best way to find sellers? I'm in the KCMO area, if anyone has location specific guidance!  

@Collette Petersen Thanks so much, Collette! I ended up using PropStream and a mail service. Let me know if you ever choose to go that route! I'd be glad to share what I did. 

@Joe Splitrock Thanks, Joe! I will proceed by asking the current owner!