All Forum Posts by: Steven Myers

Dameron,  

I am an investor in the Wichita area and would be more than happy to answer any questions about the local market.

I am currently investing in SFH in Wichita and want to continue the growing. I would love to compare notes.

On a quick flip like that I don't think 2 percent is going to matter, so I would go with lrnder B.

Essentially, or I would require a Cashier's Check if it was going to be on the same day they are taking possession.

I would at least get a deposit check for a signed lease agreement. You don't want to be in a position where the tenant is in the property without knowing the check will clear.

Sounds like a great way to get started. If you want to be more aggressive, you can try a Cash Out Refi, which should give you a nice down payment for another investment property. You will sacrifice some cash flow but it could be a great option.

I currently have a Fannie Mae Home Path home under contract. I got the house for well below market value and just needs some minor rehab work. However during the home inspection, the inspector found some foundation issues and a major plumping issue. Neither of these items are going to make the deal bad, but it will be a little more money out of pocket. In order to cover some of these costs can I renegotiate the contract price? Has anyone had any experience in this area. Any help is appreciated.

My concern with living in Kansas and having a high deductible would be an event like a major hail storm. It would suck to have several properties damaged and have to pay out of pocket so much money. It's not common but living in Wichita I know it does happen.

First I want to say is that this place is awesome. I did not expect the type of quality responses I have gotten. Thanks

When we were originally buying the house it was a place we were going to fix up and live in for a while. That time has passed and we both have moved on to other properties. The house has great cash flow and is a great investement. I have asked him to buy me out because of this situation but he is unable to becasue of funds and he refuses to let me buy him out becasue the cash flow is so good. I also mentioned letting me manage the property or to sign up and use a property managment company and he has rejected both suggestions rather rudely. I have no problem paying him for his effort but he is not budging on any of his demands. I guess I might give him some time to think about some of his demands and if he doesn't change his mind I will just have to take him to court.

We are both 50% partners and we split all expenses up to this point. We don't have any agreement in place, mostly because we were good friends and never thought it would be an issue this early.