All Forum Posts by: Steven Bowdich

@Zee Ab I am starting out with much less than you with 10-20k. I have access to more money but I am trying to dip my toes into the water with a 30-70k home where I am in Wichita. I have also brought my brothers in as investors with an LLC which reduces my risk exposure to 15-35k.

I am new as well and its stupid to say it cannot be done. Now it depends on the risk your going to take. My plan is slightly different though. I plan to try and get around 10is properties within the next 5 years. By that point I will have built up some equity in the first ones I bought that I will probably liquidate to buy bigger properties. I will be doing most of the property management myself as real estate is really cheap around me and property managers charge minimums that are like 20% of rent in some cases. By building up the value of the properties rather than the number of properties I can avoid this issue all together. 

@Robert Daniels
I am brand new to this as well but I do have a background in business and taxation and know the basics on the financial side. I used to live in Derby a few years ago but move to east Wichita. I am seeing a lot of decent opportunities right now but I have been working on getting my LLCs bank account and funding from my other members before I make an offer. I am always willing to link up with other new investors. 

Has anyone used this site for crime and vacancy statistics. Looking at Wichita, It seems like many neighborhoods have extremely high vacancy with 20%+ in many. Is this accurate? 

@Toby Khan  
If 5 is normal then I thin I already have a good option with potential for getting 10 years. How in the world do you cash flow with that short of a term though. At that point It would be easier to just pay cash.  

I am starting in Wichita as well. What would you say would be the best banks in the area for getting longer term loans are. Most I have talked to are 10 years at best and with many properties, they will simply not cash flow at that price. 

I have started an LLC with my brothers for buying some rental property but I cannot seem to find a bank willing to give out longer than a 10 year loan on properties sub 50k. Now I am in Wichita and a lot of these homes are turnkey but a 10 year note pretty much kills all potential cash flow. Are there any good options for getting a longer loan in an LLC.

@Jonathan R. I will keep that in mind. What do you think of the properties in the "higher" crime areas in Wichita. I know that I see mention of class C vs class D but Wichita does not seem to be as bad as you can see in bigger cities like Chicago. I am planning on going to the REI meeting coming up as well to talk with other investors to try and build up my contacts. Are there any good banks/credit unions around here for getting loans sub 50k longer than 10 years. The few I have talked to make it seem quite difficult.

@Arsen Atanasovski These properties from what I can tell do appreciate. I am in Wichita Kansas, so a property under 50k is quite normal for a middle class home. A lot of the home I am looking at sold for 20k not long ago and are now selling for 40-50. There are also some nice duplexes for under 100k. It also looks like a buyer market in this range as most of them have beed reducing their prices to try and sell while the 100K+ are selling almost immediately once on the market. I did just get my LLC started and it was much easier than I thought as it took less than a day to file and get my EIN. I just need to look for a bank, start an account and get my investors and my money deposited in and then start looking at properties

I have been looking at there are some perfect properties coming on the market right now. I have started my LLC and will see about buying my first soon if the time is right. Some homes that look recently remodeled going for 30k that could easily rent for $500-600 here. It may because I am in a market that really has not seen the massive appreciation that the 100k+ homes have seen. With loans so cheap, these cheaper homes are not selling quickly.