All Forum Posts by: Shane M

Thank you for all the responses. My buddy is off and running now

I'm in KC and was looking to possibly get started in apartment investing over the summer. I didn't take that route, but one thing I'm very happy I did was take a multi-day course on apartment investing. Find one local in your city. They're expensive, but money well spent if your considering this route. 

What's up BP community? I've got a buddy trying to post a question on this forum, but he's having trouble getting his account set up for some reason. Being the good friend I am, I told him I'd post his question. So without further ado, here it is verbatim:

"I am new to real estate investing and my plan is to buy a duplex to live in one of the units and also rent my current house. I am preapproved for an fha loan with 3.5% down but many of the sellers in Kansas City do not want to sell to fha loan buyers. My bank does not have Conventional loans with low down payments of 3% or 5%. Does anyone know of any lenders that have a low downpayment Conventional loans of 3 to 5%? I will also take any creative ideas that you have to get a new investor started."

Thanks all! 

Joe, I recently went to a class on apartment investing. A few months prior to the class, I had read a book on it, watched every related YouTube video and scoured the internet for information. 

Here's my advice: It's not cheap, but I'd spend the money to go to an apartment investing class. If there's not one available in your area, get on a plane a go to one. For as much as I learned over the few months of taking in the free information you can find online, I learned 10x as much by going to an apartment investing workshop. 

Apartments can be a huge investment. The cost of a class is nominal when you consider how much you're putting on the line to get into the business. This is also a great way to fast track your learning. 

Thanks Shawn! 

Hello BP members. I've been gone a long time focusing on the purchasing and managing of my rental properties. I'm back, but this time I'm considering the idea of investing in apartment buildings.

There will be a 4 day course on apartment investing presented by Anthony Chara here in the Kansas City area on June 1st, 2nd, 3rd and 4th from 8am to 5pm at Holiday Inn Hotel & Suites Overland Park-West 8787 Reeder Street Overland Park, KS 66214. An at home digital course is also included.

Would anyone like to join me? It is significantly cheaper if I bring a "partner". The cost for each of us would be $797 plus tax. Here is a link for more information: http://www.marei.org/anthony-charas-success-classe...

I'm also interested to know if anyone has been to his course and what your thoughts on it are.

You mentioned selling your home to buy others. For many, buying a duplex to live in on one side while renting the other is an ideal way to get your feet wet. This is especially true if you don't have much capital to get started. There are several advantages to doing this. One of those is favorable loan terms (owner occupied). 

Hi Kumar. I would agree with your investigation and I personally would be reluctant to invest in Raytown, especially if you're looking at section 8. Even if cash flow is there, I don't see the area appreciating as well as other parts of the city. 

Great advice from you both. I've been so busy with the logistics of gettting this place ready to rent, I've been hard pressed to take the time to think about the finer details. I was a bit caught off guard when I gave this couple an answer the other day.

Thank you

Just curious as to how long you guys allow a soon to be tenant to wait before moving in once they've passed the background check?

Here's my situation: I showed my rental today to a couple who told me they wouldn't be able to move until Dec.1st when their lease was up. I told them rent would payment would have to begin in no less than 2 weeks from the time the background check was approved even if they're weren't ready to move in. Also, they'd have to provided the security deposit within 48 hours in order for me to hold the property. At what I'm asking for rent, a 2 week loss adds up $350.

How do you guys handle this? And do you have a hard and fast rule regarding the amount of time you'll hold the property until a tenant is ready? Do you decide case-by-case?