All Forum Posts by: Priscilla Swantner

@Reese P. I own several SFRs and have never put more than 25% down. I’d shop and get your options. There may be other factors at play here.

Investment Info:

Single-family residence buy & hold investment in Wichita.

Purchase price: $106,000
Cash invested: $22,000

3 bedroom, 2 bathroom. Twin home (one side of a duplex). Turnkey property.

How did you find this deal and how did you negotiate it?

I was referred to a friend who works the market and I negotiated through the agent.

How did you finance this deal?

Conventional financing for investment property.

How did you add value to the deal?

I did not. It was turnkey.

What was the outcome?

14% cash on cash with cashflow of $350 after all expenses paid.

Lessons learned? Challenges?

It's important to have open communication with your team when buying out of state and you've never been to the market. Ask a lot of questions and do your homework. I live in CA and have never been to KS.

@Jeff George your tax returns will sell you out. I have portfolio loans from banks who do not report as well.

@Gail Gray what makes you want to sell your crash pad?

Welcome to BP!

You will still owe the $37k. The bank will not forgive the remaining amount if you pay a $100k lump sum.

Hi Chris! I have a VA lender I can send you in LA. However, VA is a full doc loan, meaning you will have to provide the last 2 years of tax returns and your LLC will show your other rental income. There's no way to hide that other property from a VA underwriter unless you are not the owner of the LLC and therefore not reported on your tax returns.

Are you trying to avoid showing that expense because the income isn't high enough? 

@Gabe Dominelli hello! I see this is an older post. Did you ever find what you were looking for? I’m also searching in the Wichita area.

@Andrew Cox if your appraisal hasn’t even been performed yet, your lender is not moving forward. What I’ve found in my experience of mortgage lending for 12 yrs, many loan officers lack the ability to deliver bad news. And I’ve found that when a consumer gets the run-around, it’s because the lender can’t do the loan. It’s best to move on. 3 months with no appraisal is entirely way too long.

@Shawn Jetton if you’re going to rent it out, don’t bother with the higher end finishes unless you need it to pull in the market rent (depends on your area). Don’t add higher finishes because of the appraised value. Most appraisers are just going to use gross living area to determine value and don’t put a lot of weight into your finishes.

If you can keep getting your materials at a bargain and they look decent, keep doing that!

@Chase Gibson I’m looking at the same situation with a buy and hold I did recently.