All Forum Posts by: Rochelle Ray

I would just like to have a discussion on proper etiquette.  I have been having a lot of issues with so called  investor "professionals" lately not returning phone calls when I call to inquire on properties they have posted somewhere for sale, typically off market.  I know it may already be sold or they are busy showing it or may be on the phone but I always ask in my message to let me know one way or the other because I am spending time running the numbers and researching while I wait for their phone call and I want to move on otherwise.  Is it wrong of me to want a reply to my inquiry?  It just seems rude and unprofessional.  I just live by the golden rule to treat others the way I would want to be treated.  Maybe I'm just being silly.  Comments?

@Dan Krupa I would never freak out at the suggestion of my boys serving our country one way or the other.  I raised them to be patriots and both study history (true history!).  However I'm at least for one of them, time may be an issue.  When the other one goes to college next year it might be an option.  So I will definately bring this up with them.  I love the creative way BP members bring up different ways of looking at possibilities!  

@Gordon Cuffe When the time comes, where does one find said portfolio lenders or are you stating most portfolio lenders will?   What area of KC are you buying?  I prefer the southern greater KC area like JoCo (Johnson County) but it is tough there.  You go hungry, hahaha!!!!

@Cole Starin If you drove it and it looks good, check Rentometer.com for local rents and Craigslist and also Redfin to see what comps are doing. If your numbers work and these all check out, go man go! Good luck! One last thing . . .if you have or know of another local investor or someone in your REI group or mentor that would be willing to go look at it with you to give you more confidence (as I hear you don't have it) than it might be helpful to you however keep in mind, you should have in your contract a due dilligence clause giving you a couple weeks if things don't inspect out you can exit the deal. Good luck and keep us posted!

@Dustin Beam mentioned another great idea I also use that is very helpful.  He mentioned Zillow but I prefer Redfin and plug in your address and at the bottom it will show comparables that are currently for sale or have sold near your home.  You can click on them and get a look at them.  It just adds to the bigger picture.  But also check google maps for local shopping, schools . . . Google maps has saved me from several purchases when I thought the house looked to be in a great neighborhood, numbers matched and photos looked great but I drove 2 blocks away on the map and wow!  So just a thought.  

If your from Independence you should know North of the river can be dicey.  It would just depend on where.  Without an exact address it is hard to say.  I would suggest you use google maps and see if you can take a "drive" around the neighborhood and get a feel for it if you don't want to give out the address, which I totally understand.  If your from Independence though, it won't take you long to drive over there and would be well worth your time for that area.  Bars on the windows is a good sign its bad, hahaha!!!  Just kidding.  Well, maybe not if it really has them.  

Thank you @Andrew Syrios.  I see your a KC investor.  I am from Johnson County originally and have just recently been looking at properties there to invest in and thereabouts along with my Texas and Las Vegas areas.   We travel full time around the U.S. and territories but I just love KC.  The people are so friendly!  Looks like you have a great business model!  Keep up the good work and I wish you well in your goals.  

If we Co-sign for them @Andrew Syrios, is there a point at which they could refinance the house in their own name by showing the rents on the house over time as income?  I suppose probably only the bank could answer that.  

Thank you for the input.  Great things to think about.  It is wonderful to see their minds thinking of the possibilities and get excited about the future and I would hate to see it come to a halt due to lack of funding but the reality is that we all have to be patient if there are things we really want in this world.  I think this is doable with the right tools, so to speak.  @Jered Sturm your article was inspiring and timely.  I wish you were closer to where their college was, they could use a good mentor like you!  I forwarded your article to them. 

My oldest son and his younger brother want to buy their first rental property while they are in college.  They can use it as their dorm  and rent out to several roommates, too so that they can live rent free and have their college buddies pay their way while they begin their journey into real estate.  They have been watching their father and I invest in real estate.  They have the vision and the right attitudes.  Also very mature for their age.  I believe they can do this and the learning experience is priceless.  However I do not want to give them a handout.  They need to do this on their own (we might be willing to co-sign but prefer not to)  So how can I advise them to get the funding for their first house since they only have summer income which doesn't amount to much in order to get a loan and they don't have any connections or history for business real estate investing to get private or hard money to purchase the home and refinance later?  They have some cash from inheretance that one of them is willing to use but not the other (one brother is tighter with his money than the other, lol!)  I can't imagine a homeowner financing them without proof of steady income.  Any ideas.  How does the younger generation with entrepreneurial views get a start? They have 6 months to a year to prepare for this journey and are planning 20 percent of their own money down. Maybe this isn't enough?  Advise?