All Forum Posts by: Thomas Hallensleben

I have a rental, in which I need to replace a claw foot tub with a normal tub/shower combo and am wondering about what pure labor should cost in KC.  I have only one quote so far, but it seems a LOT higher than what it should be: $1500 just to set the new tub in place, which will include re-routing of the water supply and drain lines.  But for that price, I would be doing all the demo first and have the tub on site when the plumber shows up.

Does this guy simply not want to do that job and so is pricing himself out of the work, or is that really what I need to budget for a simple tub install???

Can anyone recommend a plumber to do this sort of work for a more reasonable price?

And on a totally different note: I am also looking for a window for a basement bonus room that I want to make into a legal bedroom.  The size I need (29 x36) is a custom order, but I would have to wait 35 days, which puts us into June, at which point I want that place rented already.  Any ideas as to where I can get a window more quickly if it is not a mass produced size?

Thank you in advance!!!

I am also a NKC newbie with the same need!  My wife and I are just beginning our real estate careers and need to do just that: go to meetings, network and find good people to work with!

There is an interesting REO Hubzu that states that there are "no showings: property may be occupied!" It is sold "as is" and also states that "buyer is responsible for obtaining possession of property upon closing."

The "as is" part is not as problematic because the place is only 10 years old, and though I am fully aware that it only takes one upset occupant to fully trash a house in a coupe of hours, the question I have here is about the buyer obtaining possession aspect of the whole deal.  How difficult is that?!

It seems that the bank would have gotten the occupant out of the house when they took possession if it were a straight forward issue, and that the fact that the occupant is still there indicates that there could be trouble brewing down the line in getting them out if I buy this property.

Any thoughts or advice on this situation would be much appreciated!  Thank you in advance!

Thanks for the info!  In my typical reverse order fashion, I searched the forums after posting my questions and found that same info in some other forums as well.  So are there other ways to get financing in a situation like mine?

I am wondering about ways in which I might be able to finance a duplex in Kansas City for a buy-and-hold in spite of being maxed out on my debt to income ratio with my bank.  I am just beginning to build my rental portfolio (I have one townhouse unit that cash flows $400/mo) and now found this duplex for a seemingly great price that I would like to pursue, if possible.  My problem is financing.

Since my existing rental is new (my bank will not accept that rental income until I have had it for one at least one year), it is essentially weighing me down for the purposes of getting another loan. I do have money available for a sizable down payment through the HELOC on my own home, which would also be enough to pay for the rehab costs, which seem--without firsthand inspection of the property as of yet--to be rather low. (Using the HELOC at all conflicts with my desire to fix and flip 2 or 3 properties to build some cash reserves before investing in the next buy-and-hold, but this seems like a deal that might be worth while to investigate further even at the expense of any flips.)

Before I spend time and resources checking out that property, however, I would like to know if there even are any avenues any of you can recommend for financing this deal.  There is no point in me getting worked up about this duplex if I can't move forward with the purchase, after all.

So are there institutions that might consider my rental income even though I have only had a tenant in that property for 3 months now?  Are there other ways to finance this duplex?  (I am thinking more long-term options and not short-term hard money.)  I have heard that HomePath offers financing, too.  Is that right?  How do I find out more about that?  (The HomePath website seemed to simply refer buyers to their agents and regular loan sources.)

Any suggestions would be much appreciated!

 Bill, you brought up some questions for me since I am meeting a lawyer today to form an llc for my rental and fix and flip business which is just getting started. I have only one rental in kc mo right now but will expand that side of the business slowly with one unit per year or so. If I understand you correctly I will have to register with a rental registry now that I am starting this llc is that right? And you say that an llc does not really provide a shield from personal liability anyway?! What then is the benefit of forming an llc??? It almost sounds as though holding the business personally is better so long a as i have appropriate insurance coverage. Anyone have any thoughts?

This is just the statement for me to jump into the conversation! I am starting my career as an investor and would like to connect with wholesalers in the KC northland to find fix and flip SFH units. What is the best way to find individuals like that?

This is a lot of great info and tips!  Thank you all so much!  I have my work cut out for me...

You all are confirming my gut feeling on this!

To answer Dawn: the applicant listed the rent as almost what I am asking, while it actually was quite a bit lower than that.  I had the same suspicion as you about trying to show ability to pay, which, according to his listed annual income he would have without a problem.  (He easily meets the 3x rent guideline, if I can verify that.)

So how do find out about evictions and felonies?  I suppose felonies are public record, but where do I look for evictions???

I am new to the landlord business and am unsure as to what I can legally ask former landlords and employers.  My property is in Kansas City, MO and I need to verify income.  Is that something I can legally ask the employer, or do I need pay stubs from the applicant?  

The applicant also has several accounts on his credit report showing up as "charge off or collection" with the amounts disputed by the consumer.  Clearly that is NOT a good sign!?  

Am I legally permitted to call the accounts listed on the credit report to find out more about what is going on there?

I have also read some of the forums here already and learned that it is necessary to verify that a listed landlord is indeed the owner of the property.  So I did that and found that the landlord was accurate, but the rent listed by the applicant is much higher than what the landlord told me.  According to many of you all, that (lying on the application) is an automatic disqualifyer.

I am desperate to rent this and get it off the books, but this is beginning to seem like too many red flags, isn't it???

Thank you for your help!

Thomas