All Forum Posts by: Nathan Alton

This is a pretty broad question, but do I have in investors out there who would be interested in possibly becoming capital partners with a large complex in the Kansas City, MO area?  If this is something you would be interested in please reply with your number and we can discuss it more in depth.

Hey BP community,

I am looking at a 4plex that is section 8 approved and have a few questions.  The property is in somewhat of a warzone, on a level of 1-10 (10 being the worse) it's a 6.  

If the property is section 8 approved and fully rented, does that make the lending process easier or tougher?  Would it be smarter to go with the conventional funding route or a private/hard money lender?

Any referrals for the Missouri area?

So I moved to a different part of Missouri for my job and the area is surrounded by spring fed creeks so canoeing and floating are huge attractions.  I have found a 16 space RV park with 20 mobile home slots, a live in 3br/2ba home, 10 bedroom hotel w/ laundry facility and last but not least it comes with 20 canoe and kayaks for guest rental.  I can remodel/fix up about anything so I feel the potential of this property is unlimited.

My question to you is how should I go about acquiring the property?  Bring in a financial partner and fix up and maintain the property on my end, standard hard money, bank loan or another creative financing method?

I feel this property could be profitable but i'm not real familiar with financing for a property with this many aspects and moving parts.  Please reply or PM me.

Hey all,

First off, I recently relocated to a different city for a job.  I was browsing homes for sale by owner and found a 7br-6ba 7,000 sqft. and 10 acres and this house is very cool.  Just some of the features include...  

7+ Bedrooms, 4 Full and 2 half baths

Huge master suite with a second bedroom suite on the other end of home

Large indoor pool with 1,000 sqft green house

Huge kitchen with large fireplace

2 story Great Room with huge fireplace

Library with fireplace, dining room, office, huge laundry room on 1st floor

Basement with fireplace

Separate 4 car garage with covered walkway to main home with caretakers quarters above

Storage Building

The property estate is divided into 2 parts. The house with 12 acres and 100 acres plus a 10 acre lake that the house sets on. I talked to the seller and he lives a in a different state and can't take care of it anymore so just wants out from under it because he can't get down here enough. He told me he would sell the house and 10 acres for $150k and the lake and 110 acres seperatley for $199k and it's prime hunting, fishing and hiking land. The house needs roughly $100k worth of work but the ARV is $750k and with the land if I were to buy the package is $1.4.

My question is since it does need work (nothing too extensive) but since the guy has not taken care of it or even been there, it needs new doors, windows and there is a lot of marble throughout the house and some spots need repairs.  Should I go to my bank and try and get a loan and would they include rehab costs?  I want to live there and do most of the work myself considering my construction background and possibly sell it in a year.  Should I do hard money or private investor?  Should I partner up??

I have also found a guy in California that will buy the property and land for $1.7 if I were to fix it up so basically I need advice on the funding strategy I should take.

My Mother-in-law has a nice piece of vacant land in a really nice subdivision in Independence, MO (free and clear) and wants a cash sell. 

 What would be her best method?

It would make a great build site for new construction and she is wanting quite a bit under appraisal value but would just like some feedback to send her way.

One of those fly by night "buy land for cash" companies contacted her and low balled her so I told her I would ask the community.

 Thanks in advance.

Thank you so much for the advice Ayodeji!  Enjoy your weekend.

I came acrossed a property for sale at a very low price and after digging up info on it, found out that seller would like to sell as a package deal.  The package includes 23 separate units/houses all 3bd-1ba for $470k.  The places are not in bad shape but need cosmetic repairs and other minor repairs.  The seller is a older gentleman that just wants to get out from underneath the properties.  I have always heard about deals like this where the seller is tired of maintaining the properties and just wants out, so we will see.

Would it even be realistic to offer SF with cash down or at that low of a price should I look into a JV partner or even buy and hold lender??

Keep in mind that I had to read the fine print to find out that the seller wanted to sell with a package deal so either it was a poor job listing it or other reasons.

I know this is wayyyyy off topic but BP is my home forum and I need advice.  This family is in need of help and I need suggestions on how I can help them??  I am in no way trying to pass the problems onto other members but just simply want to know what the people on this site think.  I am no genius with social media and billboard marketing wouldn't work for this.  I know there are a lot of these but this happens to be local.

gofundme.com/x8yu9gms

Thank you so much John.  I really appreciate your feedback.

Ray,

Personally I wouldn't use laminate in bedrooms and if I am building a new infrastructure I would only use laminate in bathrooms, entrances and possibly in kitchens but would prefer tile in kitchen.  Stained concrete is a great idea but not sure how well that would go over in bedrooms.  Your best bet would be to stick to carpet in the bedrooms.  This is only my opinion :).