All Forum Posts by: Matt Lowery

@Salvatore Lentini I'm trying to find a way to keep the property instead of selling it as a flip. It makes more long-term sense. And I could have it cash flowing in a few weeks rather than worry about it sitting vacant over the winter since a contract today still would not close until late December. 

My market has a surplus of apartments and a shortage of single family rentals but I understand your point. It would be a very specific kind of multifamily that I would be interested in.

I've also looked into crowdfunding but can't seem to find one that I would fit with.

Last year I purchased a house to rehab with seller financing. At the time, I had a 50-50 parter with zero experience. That lasted about 60 days before she realized that it wasn't like the reality shows she had been watching and actually required work. I continued to finish the flip in my limited free time and personally funded the rehab as I went along.

I put it on the market 30 days ago with some interest but the market is slow in this small college town this time of year. I am a (very) part-time Realtor and currently finishing my final year of getting my real estate appraiser license.

Currently, I think the best way to build my business is to treat this like a BRRR instead of a flip. There's a huge housing shortage in this town and no relief in sight, so I could lease it within 48 hours, typically. I went through a very, very rough divorce three years ago that closed two businesses and she let our house and another investment property get foreclosed on. I've been attacking my credit but not quite there to get traditional loans. The sellers don't want to do a longer term (expires 12/31/18) on CFD and I only need about $40,000 - $45,000 to buy, so I can't find any hard money lenders that will consider such a small amount. I've spoken with a few potential private investors and family members but no match.

I also have another rental and my personal residence, both that I have rehabbed and am purchasing from people I know well CFD. The investment property cash flows well and I have quite a bit of equity in my house but can't access it.

I'm out of ideas, but I know there has to be some way to make this work for 12-18 months until I'm established.

@Spencer Coday Have you been looking in the MLS at prices? What are you seeing in those areas you've mentioned that looks like a fit for that price range?

What price ranges are you looking at for a cash purchase?

@Andrew R. I'm an appraiser trainee down in Emporia, but my supervising appraiser is in Lenexa and covers KC, Mo too. He's one of the top appraisers in the area in certifications and involvement in policy and process of the appraiser industry. Shoot me a PM with the address, and I can give you info on prices and typical turnaround time.

As a real estate appraiser trainee, I have some tools that give some interesting insight on any user defined boundaries and time frame that includes price trends, etc. I have access to KC, Lawrence and Central Kansas MLS. I'm trying to figure out some way this may be useful to investors without charging for a full appraisal of an individual property.

My supervisor appraiser can do commercial, I'm only a year into  the licensing process for residential so I don't know rates or turnaround times. PM me for his contact. He is based in Lenexa but had MO license too.

My local independent agent has carried my policies for 4+ years on these properties. How do these rates compare, should I shop around more before renewing?

Property A: Just cash out refinanced this bungalow last spring. Appraised at $48,000, needs a roof and rents for $650/mo. The policy is $734 annually.

Property B: Paid $42,000 with 20% down and have about $8,000 self-done improvements. As an appraiser, I'd say it's market value is around $90,000 now. Rent is $850/mo. The policy is $1033 annually.

@Brian Caldwell @Jeremy Woods

I've been looking at exactly this same thing for about six months in the same area. My plan is to move to KC part-time and Air BnB when I'm not using the rental personally. I would be interested in what kind of results you get.