All Forum Posts by: Robert Ortiz

Very helpful info. Thanks!

Hi @Sheina Lassalle,

An unsecured business LOC option is Marcus by Goldman Sachs. For some people, it's stated income and no hard pull on your personal credit.

For personal LOC options, I have two with credit unions: (1) Interior Federal Credit Union - $25,000, (2) Pennsylvania State Employees Credit Union ("PSECU") - $20,000. Not a lot of money, but they're good to have available when needed.

fyi - I live in California and was still able to joint both credit unions. 

I'm in North County and looking to network with other local investors.  I invest in Kansas City, MO but I'm also interested in staying local to explore options.  

Thanks @Scott M.  I appreciate the feedback.  

Hi BP Family,

I had a question about bank accounts for rent collection. I recently purchased two rentals and I have a third under contract. I have my personal checking accounts and business checking accounts for an LLC I created for business and real estate. Properties are all in my personal name. I'd like to have my business checking account show money coming in so I can build it up for credit/future loan purposes. Do you have the rent deposited into your personal checking account, one business checking account, or do you have individual business checking accounts for each property? Thanks for your advice.

@Adam Sankowski Thanks for the tip. And congrats on your successful challenge. I just purchased my first SFH. I'll keep this in mind if the taxes end up shooting up like crazy.

@Rachel Morrow The chart was very helpful. Thanks for posting the link. I know it’s several years old but it’s a good starting point for me to dig further into different neighborhoods.

@Caleb Brown

Thanks for your response and willingness to help out a newbie with some sample docs. I'm also looking for a investment-minded realtor in KCMO if you have any referrals.  I'll send you a message right now.  Thanks again. 

Hi BP Pros and Rookies,

I'm a newbie out-of-state investor looking for some guidance regarding the steps to close out an off-market deal in Kansas City, MO.  I feel like the proverbial dog who caught the car.  Any advice or guidance is greatly appreciated!  

Basic summary, I'm securing an off-market deal on a SFH that has a 10+ year tenant (on a month-to-month lease) who is paying well under market rent. House is $40k (cash sale). Estimating $15-$20k in repairs. ARV is $100k-115k. Earnest money deposit is $2k to be sent to a title company seller identified. $352 in 2020 back taxes is delinquent. I was assured that the taxes are being taken care of asap.

1. I prepared a draft purchase agreement that includes the following sections: property info, sales price, closing info and earnest money deposit, home inspection contingency, prorations of taxes and rent, risk of loss for damage during sale, possession when title transfers, closing contingent on clear title and no unpaid taxes or utilities, property sold "as-is," and transfer of rental documents and security deposit.  

2. I also prepared a tenant estoppel certificate. 

3. I'm reaching out to a home inspector to get an inspection done asap. 

Any advice or glaring issues that you see? Am I missing something major for this transaction? Thanks!

Robert