All Forum Posts by: Michael Sontheimer

Thanks Kerry! That is exactly what I was hoping for but I did not know what it was called. 

I currently own 6 small single family rentals (one is a duplex). 3 have mortgages, one has a HELOC and 2 are owned free and clear. All my mortgages were refis. However I only got 60% LTV on the refis because my income is almost entirely foreign earned. I did not know about brokers and other options etc. But now I realize there must be a way to get a higher LTV loan. Now that I have 6 properties and they are all earning income, I think there is a loan that I could get that uses the income of the properties and not solely my personal income from outside the USA. By the way my job is incredibly stable but it is the red-tape of 'those are the rules' that has left me frustrated. Any thoughts would be appreciated! Thanks!

I know this post is a few years old. Just wondering Annie if you found a good property manager in St. Joseph?

Hi there! I invest in St. Joseph, MO which is about 50 minutes north of KC. I went from 0- 5 single family homes in 2 years but have taken a short break due to some turbulent times. But I am looking to buy 1 or two more this year. Not sure in what area of KC you are looking for but if you need some beginner help or guidance, let me know. 

Glad you have decided to make some moves and beat the paralysis!

LOL. Thanks Seth!

Hi. On one of the more recent podcasts Brandon mentioned that they were wanting to do a podcast with various people and their stories. I think I have a good one but cannot remember where/how to submit it. Help!

Thanks in advance,

Michael

Hi all. What site or method do you use for background checks of potential renters?

Thanks!

@Fabian Marrufo

Very little info to go on.... your situation..financial? Big portfolio? Is the house 150 years old or 65? Financing situation etc...

But the question was straight. What would I do (with extremely limited info)?

Rent it out.

Thanks Alex. St. Joseph is small and I have a couple of the larger banks yet to call (Commerce and US Bank). I am hoping someone reads this that knows of a specific bank that has the 6 instead of 12 month policy.

I will continue to call all the banks within 75 miles but would love this post to be a time saver.

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Hi all. So I have an unusual situation. The first part is NOT unusual, the second part is...

Part 1: I own a small duplex in Missouri. It is worth about 65k and I paid 33k for it. Why so little? Motivated seller and I paid cash and closed within a week. It has long-term tenants living in it and cash flows nicely. I have owned it for 7 months. I want to get it refinanced to pay off some credit cards that I used for fixing up a different rental. Sounds like a piece of cake.

Part 2: I currently live outside of the United States. Although I do still have a US address where I stay when I am in the country and receive mail etc.   I was told that Fannie/Freddy recently changed their rules and they DO NOT give loans on investment properties to US citizens that reside out of the US. 

Internal bank mortgages (those not sold by the bank) allow me to get a loan at a variable rate (not fixed) and I am okay with that. BUT I have now run into several banks that say they can only do this after owning the property for 12 months.

So my question... can anyone in the KC area get me a mortgage on this place?  

Thanks in advance!!