All Forum Posts by: Ryan Befort

Nicholas nailed it. If doing rate/term refinance, that isnt as risky and my bank would allow right away.  Cash out is riskier and usual rule of thumb is 6 mo.

Bradyn...I assume your question is going off this as well. By financing part, it sounds like you just mean the loan you have with seller...by equity I assume you mean taking out some equity you have. See my above comment if so. Every bank is different but with mine, people can do 95% of value if just refinancing the loan. If they want cash out, capped at 85% of value total. Helocs you can go higher (again just using my bank). My bank lends only in KS, however.

I cam across this the other day. Im a mortgage guy, so I found a couple flaws. Then I looked up land trusts. Seems like that may get around lender calling note due. My concern is, even if it changes ownership, the loan doesnt. So, the person gives up the property, you take over mortgage, but person who gave up mortgage still has the loan. Basically traps them in the loan still. They cant go buy another house possibly, or even a vehicle. 

Seems like all the risk is for the owner, outside of not paying mtg. 

But I dont know enough for solid opinion.

Hi there! I am new to the real estate scene, but I am actually posting for another reason other than to learn the industry in this case. My girlfriend and I are looking for a house to rent in the next couple of months, but supply seems to be limited in Johnson county for $1k or less. Looking to connect with some landlords in this area who might have a duplex for sale or some links to properties they might be looking for tenants in. Feel free to pm me!

Hi there! I am pretty new to investing and RE in general...over the past couple of months, I have debated how to go about my REI/career. I've found living in a cubicle is not the answer...you don't get to reap the rewards or working hard. So, that leaves me with investing or getting into real estate somehow. I just started my professional career, so I basically have no capital; nor do I know much about the industry yet.

I have considered getting a job somewhere, and have contacted a couple of "mentors" to see what we could arrange. Sent resume to one and explained my interests/what I could do (never heard back) and another was just an agent looking for ppl with capital. I've searched for jobs related to the industry, but outside of being an experienced appraiser or mortgage lender, there's not much. This leads me to becoming an agent.

I've learned I don't want to waste time waiting on someone else. This is a major reason why I've thought about becoming an agent. Also, this would put more of my focus on RE, as I would be required to engage in the learning on a more consistent basis to get the test done. Then, I get to do my favorite thing, and that's work/build something for myself.

On the downside, I am not sure if it is something I want to pursue since a) it will take awhile to make money (which isn't bad but means I will have to have a full time job diverting my full efforts most of the time) b) fees will be eating me up while I am not able to give 100% focus c) is it even feasible to do in this area?

I see several houses listed on every street I drive on, and think there is a huge supply of houses to sell. I am not sure of the demand because I haven't been here that long. Also, I am not expecting studying to become an agent to lead me to becoming an awesome investor. This is just to earn some eventual side income/become my full time job to fill the void while I invest on the side. I can search for all of my comps at 4am if I want to, and keep commissions on my deals. It seems like this opens up several more opportunities for income...but is it really necessary/feasible in this market?

Looking for any experienced agents/investors in the KC area to reply! Thanks, and sorry so long!

Since this is already posted, I will just chime in my questions as well. Can you just jump into the brokerage for all of the training and then grow your brand on your own after a year or so? I have yet to read up fully on this, as I recently just peaked an interest in possibly becoming an agent. I noticed Keller Williams has a 70/30% split; does anyone know how long or how many deals this lasts for?

Lastly, since I live on a state line, would I have to get licenses for both KS and MO in order to serve the highest quantity of clients? Thank you for your contributions already to this thread as well!

The paid positions that would greatly further my education while being able to pay the bills would be ideal. I just didn't know which would be considered a waste of time/money/resources. I've seen several appraisal jobs on various job boards and such. Didn't know if it was just better I stick to the school that was mentioned above+free reading on all of the forums or finding a short term job (and dropping the UW job) in RE.

Not really sure what types of properties I am interested in because I might change my preference when I actually see the work involved. My "dream" however, is to rehab/build/whatever else in luxurious homes. I have a fascination towards those more-than-likely fake realtor shows you see on TV selling high end houses haha.

That's for the replies. Just sucks working a job you aren't passionate about and wasting 10 hours of precious time when you could be getting more rest, reading, planning instead of doing the same mundane tasks.

Hi there,

New to the forum and been reading all of the suggested material. One of the mentions from the article are getting mentors. However, I have a day job as an Underwriter for a well-known insur. corp. Needless to say, it is dull as hell and I have no interest in pursuing it further. My goal for the day is to get done with my work quickly so that I can spend more time on reading RE info. They talk about promotion in a few years, and I see that as my timeline to scoot from the position. Are mentors really valuable if you have a day job?

To go along with this, I was possibly thinking about switching to a role that was more involved in real estate. Becoming an agent was considered, but I've read it takes a few years to build a book of business...and you aren't really getting paid until you build a client base. I would like to be earning a salary while getting training from a corp is possible. What other types of jobs would be helpful? Appraisal? Underwriting home loans to understand the process?

I just didn't know if there was any advice for this or what others have done besides read, read, read to start out. Obviously mentors won't really want to pay you when you will just go out on your own. Greatly appreciate the input.

Hey Stephen,

In the KC area, Merriam more specifically. Just starting out myself. Looks like you already have properties? How's it going so far? I just signed up for this site, but if you ever want to bounce ideas off of, I'll do my best to contribute and listen. Hit me up here or [email protected]

26 year old living the rat-race dream currently in the hormonal-weathered state of Kansas (Kansas City specifically). Just wanted to introduce myself and being building relationships with those on the forum, and more specifically, those around the Kansas City area. I come in with an open mind and looking to get my feet wet in real estate....probably starting with wholesaling and build from there. I look forward to reading and more reading, and working on getting a deal done before the end of April. Cheers to those who took time to read and respond. Feel free to PM me or email me with anything and everything (obviously not spam), and more importantly, to bounce ideas off of each other. Best of luck to everyone on their real estate journeys!