All Forum Posts by: Seth Rouch

Thanks for the info and help everyone. I've finally found a bank NBKC  who is willing to work with us. Not the best rates, but I'll at least be able to re-invest. I also found that I could possible use it as leverage/asset towards a commercial loan for a multifamily. I appreciate your help! 

Thanks Eric P. I've asked and the answers are - "out of state", "don't lend in investment property/non owner occupied", "non-warrantable condo". I am baffled. My local lenders are also baffled. It's seems cursed almost at this point and I've taken quite a dent in my credit score to apply with 10 different banks. Bank21 was actually the first bank I tried as a reference from my real estate agent in KC. Still waiting to hear back from 2 more, but things are looking grim. My last resort would be to simply sell, take a loss, and move on, but if eater not if I can avoid it.

This is definitely great info. Thanks. I've also tried to go the route of a HELOC and am getting the same responses. I'll try bank 21 in Independence as recommended. I know from other local lenders that my liquid assets shouldn't be an issue. In fact the lenders I've talked to locally are baffled, as am I, though I understand that it's a small loan I also realize that in that market it's an amount loaned fairly often. I'm not sure why purchasing outright then refinancing is proving more difficult than if I simply started with a loan initially. Please continue to feel free to post. I'm open to any and all ideas. Thanks again! : )

Welcome Brandon!

I would say listen to as many PB podcasts as you can. The information and expertise on them is Golden. Also, research, research, research. Know the area(s) you want to invest in and why. (Your "Farm") Find a realtor who works specifically with investors. If the numbers don't work, don't do it! These are a few key things for starting. Eventually you'll just have to take the plunge and buy, but biggest mistake people make is just diving in head first without knowing the waters. Best of luck!

Hi Everyone,

Last year I purchased a turnkey condo as a rental in Kansas City, Missouri. (I live in Colorado.)  The BRRR @Brandon Turner talks about on pod casts ... well I'm having trouble with last 2 "RR".  It's been a year now. Title is seasoned etc, tenant in place, cash flowing well, and I have tried 10 banks, large and small, in Kansas City to try to re-fi this property. Some references from my current Hard Money Loan and some from my agent in KC. I'm being told "you're out of state",  "the condo is 'not warrantable'", "you don't have enough assets" (which didn't make sense as I own another KC property outright worth over $100k and condo is only worth about $65k, in addition 3 houses in colorado with %20 equity or more, not to mention others etc...)  Anyway, I wanted to reach out and see if anyone has run into this same thing before. It's been quite frustrating and having $ tied up that I would like to re-invest is irritating to say the least. 

I'm open to suggestions and connections.

Thanks in advance!

P.S. Yes, I tagged you in this Brandon just to see if you read it.  ; )  haha  

Thanks for the responses! Much appreciated. Started demo today.

Hi All,

Doing my first flip and learning the back end of being the GC. I'm getting bids etc, but need to know what order certain sub contractors need to go in. Does anyone have a general list?

I'm looking for something like this idea:

1.) demo

2.) tile/carpet/granite

3.) Electrical

4.) Plumbing

5.) Paint

6.) Install carpet/tile/granite etc.

I realize some of these can be done at the same time, but some definitely don't. Some need to be first, some last. Any help is appreciated. Thanks!

Interested in some of your rehab team I'll PM you. Thanks!

Thanks @Matt M.  I am willing to do my own leg work on the search. This is part of the reason I posted is to start researching the area. Thanks for reminding me about the referral fee. I totally spaced that as my wife is needing to use income to establish solid self employment status for loans etc.

I'm a teacher by day investor by night in Denver but have been out priced by the market here. Looking into Colorado Springs as an alternative. My wife is my agent so please don't direct me to an agent. Just looking for areas that area solid and areas to avoid etc. I've been looking primarily at for buy and holds 150k or less, but am open to alternative suggestions or even partnering. Thanks in advance!