All Forum Posts by: Rico Nasol

I'm wondering the same thing. We moved into a new house and were going to rent out our Gibson Springs home to long term tenants. Was interested in the market if we went STR instead. Trying to find more information. There currently any STRs within a couple miles of our house.

@Spence Rodman there are a few national lenders that do it. I've used finance of America and Lima one.

@Kyle Ferguson yes. You can always do a Fannie or Freddie backed loan, but you are capped at 10 of these (these typically have the best rates). You can look at a portfolio lender that can give you (depending on your credit score) between 4-5% and 25-30 year terms as well. Personally we do the portfolio lender so we don't have to worry about Fannie or Freddie limitations.

@Francisco Gonzalez I spoke to a bunch of realtors and contractors in that area. Started with small deals about 4 years ago and was able to build up our trust. Now we can do bigger deals if/when they come up. In this virtual world, it takes a lot of phone calls and work to build the team you need. Not impossible though. We have a decent size portfolio out there.

@Lynda Evans have you signed up? i haven't heard much about it which is either a really good thing or a very bad thing. would love your thoughts on it if you have.

Welcome all. Here if you have any questions. I'm not local to KCMO, but our portfolio is growing in that area. Picked up 2 properties this year so far.

@Mark Brogan thanks for the info. I really appreciate it. Hoping to see if there are opportunities here in NV.

@Mark Brogan how do you target your properties? There are so many factors. Do you look at age of the home? Land attached? Are there particular traits you avoid all together? Thanks. Looking at potentially jumping into mobile home flipping as well.

@Eddie Destefano welcome to the world of REI. This is going to be a fun and exciting journey with lots of lessons along the way. My question to you is why do you need to call people to analyze deals? It might be good to potentially get on some wholesaler lists to get deals into your inbox, but also take advantage of the MLS. Look at properties and determine what purchase price and rehab number meet your criteria. The more properties you analyze the more you'll understand your market. You'll also get an idea on what a good deal looks like. What you don't want to do is get someone on the phone knowing you won't be able to make an offer. I'd set a goal to analyze 10 properties a day and that can help you get comfy. You can jump on loopnet (not many deals there) to help you analyze MF properties as well. Lots of ways to get your analysis chops going.

Best of luck and welcome!

If you are planning to live in it, I would go with an FHA unless you have a clear exit strategy, Typically when you use private funds or OPM, they will be shorter term loans. If you know you will be able to refi out of it and into a more traditional loan product, than OPM could make sense (that's where BRRRR can work if your numbers work to do this). Don't forget, you'll need at least 6 months seasoning if you BRRRR into a more traditional product. Also to consider, you'll get more favorable rates with any gov't backed loans like an FHA. I know people that use similar products as the FHA and buy a new house every 18 months or so and that's how they've been trying to build their portfolio. With 3.5% down, you may not have any cashflow, but it gets you into the property for less and you can start to build equity. Some of these answers will depend on your long-term strategy and what your next move will be.

Best of luck and congrats on making the move to invest. You won't regret it.