All Forum Posts by: Tom Sharkey

Hi Lucas, 

 By squatters, I mean homeless people. His father bought it poor condition about 20 years ago and has done nothing with the property. So it has a history of being the building for vandalism and homeless people squatting there. He actually had two 6-plexes but one recently was burnt down. So he's just been paying property taxes, boarding up the the property, and likely city fines for upkeep.

The financing option you proposed is just what I was thinking before checking back here. Thank you. 

I have a friend whose father owns a 6-plex in a nice location of Kansas City, Missouri. He bought it when  the location was a D neighborhood but now its a solid C or C+ with a very promising future as it is located within 3/4 mile of the streetcar extension line. It needs complete rehab as it's had squatters living in it for the past couple decades. It needs new plumbing, HVAC, electrical; a complete gut. There are several 6-plexes within the neighborhood and rentometer shows them renting for $850-1000 per month. I'm pretty sure they haven't been updated either. 

His father is now wanting to sell however I've motivated his son to purchase it from his dad, rehab it, and hold it for cashflow. The father's been talking to an agent who says the plex is worth about $250k as-is and $500-800k ARV. If my friend could get a nice discounted price from his father, how would he go about getting funds for rehab? Would short-term apartment building financing or a government-backed apartment loan be the best route? He's never bought real estate but he wants get in now. I told him I have some capital to throw in the deal if he'd like to partner but I've never bought multi-family nor have I done complete rehab before.

My main concern is with financing. Are there hard money lenders who will lend $300k+ for multi-family investment to guys with good credit but with no multi-family or rehab experience? I've heard if you get a truly great deal then it's easy to get interest of others with money.

Any guidance or referrals are welcome. Thanks in advance!

I have a SFH in the westport area of Kansas City, MO. I need a few trees removed and moderate landscaping in my backyard (firepit, stone wall, lighting). Looking to get a few quotes and go with the best one.

My father has a life-long family friend who has recently retired with his labor pension. He's in in late 60s and he lives in a house in a very hot area. It's completed paid off as he bought it for like $8k back in the day. The place needs quite a bit of TLC but he's happy to live in it. I'd like to start a conversation with him about seller financing the house to me but allowing him to be my renter if he desires.

Has anyone done this? How do you explain it to them gently as to not scared them off or have the conversation shut down? What does renting to a seller look like when it come to money transaction?

Thanks Colby. DM sent.

Hi there, 

I just subscribed to BP Pro. Looking to take action on deals in the Kansas City area. 

I'm looking for 2-3 bed/1-2 bath SFR that need minimal to moderate amounts of rehab to hold (BRRRR) or possibly flip. I prefer homes in Waldo, Westside North & South, Midtown (64111 and 64110), Gladstone (64118), Roeland Park, Shawnee, Mission, and North Kansas City (64116). Not interested in anything east of 71 hwy unless its close to 18th and Vine.

My partner and I are motivated and ready to make a move. We've been pre-qualified for funding already. Wholesalers, show me your deals. DM me with contact info.

Good hunting!

Tom Sharkey 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $182,000
Cash invested: $1,000

Contributors:
Sofia Sharkey

Running an Airbnb in Westport Area

What made you interested in investing in this type of deal?

The profit margins

How did you find this deal and how did you negotiate it?

It's my first investment property and I just bought it off the MLS at market value. The airbnb margins work well with market value prices if the location is right.

How did you finance this deal?

Conventional

How did you add value to the deal?

Furnishing the place with stylish new furniture. Paint and furnish upstairs attic.