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All Forum Posts by: Kevin Durham

Kevin Durham has started 6 posts and replied 15 times.

Post: PURCHASED WITH CASH LOOKING TO CASH OUT REFINANCE

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5

Hey all, I recently purchased a house with cash that I planned on flipping. However, after much thought I would like to keep as a rental. I believe ARV is 105-110k. Currently, I am pre-approved but my lender is saying I need to own the house for 12 months before they will cash out on appraised value.

Any suggestions on a lender that will cash-out on a property that I just purchased based on appraised value?

This is my first time deciding to rent instead of just buy and sell. 

Any tips, suggestions, help, would be greatly appreciated. 

Thanks

Post: Can private school be a business expense?

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5

Hey all, the more I learn the more I realize I know nothing! On my 3rd flip thanks to the help of this site. So, thank you for any reply!

My daughter is now attending private school - 7th grade, and to my knowledge, in the state of Missouri, private school is not a deductible expense.

Is there a way that my LLC can pay the tuition and it be a business expense? I know I've heard some about this before but I haven't begun to unpack or dig into it yet.

Any help, tips, concerns are greatly appreciated!

tough part is I'm only filing my first return since starting. 

Is HML an option for something somewhat long term?

Hey everyone, I'm in seek guidance/advice.

Some background: I currently live in NYC and began investing in my hometown market of St Louis last year. I realized almost immediately that I would need to quit my job to make this work.

3 flips and one rental later I have a stack of cash but am now looking for a house to buy and live in St. Louis with my family. 

Any creative ways I can get a mortgage with basically having only one year working for myself? 

Mortgage through the LLC?

Will enough money down help? 

Post: How I Made $104,000 on My First Flip Purchased for $31K

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5

I would just like to see more photos of the house and have a true understanding of where you saved the money. The condition of this house you're describing seems incredibly difficult to do for that budget. A breakdown would help for us newbie investors as a resource. 

The before and after of that bathroom is incredible. I'd love to see the rest of the house. 

Post: How I Made $104,000 on My First Flip Purchased for $31K

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5

In life, I think it's fair to be skeptical and I'm very hesitant to believe this in entirety based on several variables.

I'd like to know the address of this house while also seeing more photos.

It's one thing to keep personal finances to yourself but if you're willing to "share your story" then I think we deserve a little more transperancy.... 

There are a lot of people on this post that are probably on the verge of flipping their first house and this can't be thought of as the norm or expectation. Please share some more detailed info. 

Post: Looking to Invest in St. Louis

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5
Originally posted by @Eric P.:

@Peter Aziz @Carlton Francis Lotta people in the Midwest don't have the discipline to save up $15k for a downpymt on a home. Huge supply of lifelong renters. Sad but true.

Re: crime & schools - that's universal. Good schools & low crime drive rental demand. Be wary if someone tries to convince you that something's a great deal in an area with high crime and/or bad schools. Caveat emptor & best of luck!

 I currently live in New York City but grew up in North St. Louis county and this is where I am currently investing. My primary focus is flips but am also seeking to add properties to my rental portfolio.

To say that people cannot afford down payments on house due to the inability to save is asinine. Do you own your place in NYC? 

I don't have any issues with being able to save - yet, I rent an apartment in Manhattan....

Post: I am giving away a free rental house in St. Louis

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5

Where to start? My first thought when I read the post was - how can I get to a point that I am able to give back in such a generous way? My mind jumped straight to the non-profits in St. Louis that I cherish. One being "Shower to the People" and the other being "Love the Lou"

Shower to the People is essentially a mobile shower that goes around the inner city and provides a warm shower for the homeless. You may have seen it.... It went viral, recently.

Love the Lou is a organization with the sole purpose of restoring the city. 

www.Lovethelou.com

On to me....

I'm 27 and was born and raised in North St. Louis county. I've spent the last two years trying to find a way to get into real estate. 2016, thanks to bigger pockets has been a huge year. I was able to secure my first rental property in April and just got word on Black Friday that my first flip has sold! We will be closing December 22nd!!! Thanks to J Scotts two books I've made! Haha 

When I set out to flip this first house I had the mindset of taking the ugliest house on the block and turning it into the nicest. It's cliche but does have a lot of weight behind it. There is something gratifying knowing that you turned a vacant house into a family.

Here is a link to the house -

http://www.zillow.com/homedetails/1495-Burnside-Ct...

Giving and serving are important to me. A portion of the profit on my first flip is going towards building a coffee truck. The long-term goal/mission  of this coffee truck is to hire with the goal to help get homeless off the street. Use the coffee truck as a stepping stone to better employment. They plan to help build a resume, learn management skills, and create solid references of employment.

I would love the opportunity to be part of this! 

Post: Closed on first rental property

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5

congrats brother! 

Post: Is Auction.com a scam?

Kevin DurhamPosted
  • Investor
  • Florissant, MO
  • Posts 15
  • Votes 5

I'm seeing a house that is listed as a HUD but also see that it's listed on a live auction through auction.com....

Is this website a scam???

The reviews I see on the site are awful. I need some clarification! Any help would be great