All Forum Posts by: Terence Crafton
Terence Crafton has started 4 posts and replied 16 times.
Post: I am seeking an Advisor/Planner
- Posts 17
- Votes 9
Quote from @Pete M.:
@Terence Crafton Are you looking for an advisor familiar with real estate investing? Full planning, just stock/bond market advising, or something else? RE is well outside of mainstream financial advising courses, unfortunately (other than "let's put money into a REIT"). As Bob noted, a fiduciary duty is required at a firm level for RIAs, meaning even those without a designation are held to the fiduciary status.
CFP is the most well-known designation in the space (because it's the oldest and markets the most, honestly). I'm in the midst of doing my ChFC right now, which entails the same seven CFP courses plus one more. Also own some rentals in KCMO, but don't reside there.
I need to catch that plane cause most of that went right over My head! Yes, I am looking for someone familiar with with real estate. My bank said they have a CFP and claim to be very experienced in the major investment categories. I don't really know what that means either other than her saying real estate was 1 of them. I'll check into that along with a couple of other leads.
I'll also try to decipher most of what you said 🫣😜! Thank you
Post: I am seeking an Advisor/Planner
- Posts 17
- Votes 9
I will definitely keep that in mind. Let Me put in the work on the website you provided. If that doesn't pan out then I'll take a look at St Louis. Thank you
Post: I am seeking an Advisor/Planner
- Posts 17
- Votes 9
Quote from @Caleb Brown:
There's a local FB group called Bridge and a few others similar. I'd ask for recommendations in there
Thank you. I will
Post: I am seeking an Advisor/Planner
- Posts 17
- Votes 9
How do I go about finding a CFA/CFP in the Kansas City Missouri area? Do banks (Commerce Bank in particular) have any of these agents? I just moved back into the area. Thank you for your time and help in advance.
Post: 1yr of renting vs becoming a multifamily unit investor
- Posts 17
- Votes 9
Quote from @Olivia Johnson:
Hey Terrance i’d love to connect with you about a 4-plex here.
How do We connect on here?
Post: 1yr of renting vs becoming a multifamily unit investor
- Posts 17
- Votes 9
Quote from @Benjamin Aaker:
Thank you for your question. You do have to get started somewhere. A lot of your purchase power comes from what sort of down payment you can bring. Credit is secondary to that. Take the advice a few people posted about and speak to a local banker in KC. I love your idea of hacking a 4 plex. After talking to the bank and determining what value you can purchase, start evaluating deals. It's not a bad thing to rent for 12 months while you are doing this eval. Good luck.
Yes that down payment is important. I'm fine with having to rent for a year or less. Thank you for your time and advice
Quote from @Nicholas L.:
@Terence Crafton it's not the end of the world if you have to rent for a year. this will (Hopefully) allow you to save, build a network, etc.
I was thinking the same. I don't want to rush something I'm learning. Thank you
Quote from @Julien Jeannot:
First step is to confirm what you can afford and what it would take to qualify for the 4plex.
Start calling load brokers, they will figure that out for you. Make sure they are savvy with this type of strategy.
Quote from @Jake Andronico:
Lots of good advice here.
First and foremost - talk to a lender and see what you qualify for. Then go from there.
Duplexes are likely significantly cheaper in your area.
Best of luck to you!!
Quote from @Julien Jeannot:
First step is to confirm what you can afford and what it would take to qualify for the 4plex.
Start calling load brokers, they will figure that out for you. Make sure they are savvy with this type of strategy.
Got it. Thank you