Markets to start in

I am from the Kansas City, MO area and I have a coach lined up.
I wanted to get an idea from the BP family what is the best or suggested market to target for a newbie?

Marcel Umphery

Real Estate Coach · Baltimore, Maryland

Pro

29 posts
1 award
50 influence

Jun 23 '11, 11:32 PM

Wayn congrats on getting started. It is always good to start in a market your already familiar with. I always tell folks to start out in their own back yards. Your coach will most likely assist you with that.

Marcel Umphery, Flop 2 Flip Investing LLC
Website: http://www.flop2flipnation.com
Marcel Umphery http://www.Flop2FlipNation.com

Wayne M.

Real Estate Investor · Belton, Missouri

15 posts
1 award
50 influence

Jun 24 '11, 02:00 AM

Sorry, I should have worded this different, I was just wondering what hot markets are out there for later once I get established in my back yard.

Laura Al-Amery

Real Estate Consultant · St Louis, Missouri

68 posts
2 awards
50 influence

Jun 24 '11, 03:36 AM

Hot markets change constantly with the real estate market.
I think you have enough in your back-yard to keep you busy for a while - after that a google search will reveal what is "hot" at the moment. Realtor.com and CNNMoney put out good half-yearly reports on trends and good housing markets.

Jeff B.

Real Estate Investor · Taylor Mill, Kentucky

86 posts
2 awards
51 influence

Jun 24 '11, 03:59 AM

Wayne, you don't really say what your focus is going to be (wholesale, rehab, buy and hold, etc). But, what I'm finding is the buy and hold arena for my area for first time home-buyer kind of housing is pretty good. Homes that have ARV in the 80k-150k range seem to be pretty easy to find. Granted, everyone else sees that and it is sometimes stiff competition for the good buys.

There are still quite a few properties available, but they may require extensive rehab or may have mold issues. Personally, I'm trying to stay away from those until I get a little more experience under my belt.

Wayne M.

Real Estate Investor · Belton, Missouri

15 posts
1 award
50 influence

Jun 29 '11, 04:18 AM

Thanks everyone for the input.

Jeff B. you are right I am unsure of the arena I will pursue but I will probably just bird dog for a while then go into wholesaling. I hear alot about the Florida & California markets and it peaked a curiosity (we all know what that did to the cat) but I think I will have to wait on those and concentrate on KC.

Rob Gillespie

Wholesaler · Valley City, Ohio

Pro

954 posts
8 awards
59 influence

Jun 29 '11, 04:26 AM

Wayne,
Congrats on getting started!! I always say the best way to start is by bird doggin, then move up to flipping your own deals and selling contracts. There is not any cash or credit needed and the exposure is very low. Then take your earned cash and buy some free and clear income property. That is just my beliefs and what I teach.
As for the market, I like the 100k - 300k price range for selling lease/ purchase deals. If you are flippin junk, just look in any hood for junk to turn quick. Hope that helps! :mrgreen:

P.S. I would like to know your arrangement with your coach if you do not mind me pickin your brain. I am launching a coaching program in September and I am looking for feedback from folks already getting coached. Would you be willing to talk for a few minutes to share your experience with your coach?
Thanks!

Rob Gillespie, Rob The House Guy, LLC
E-Mail: rob@robthehouseguy.com
Telephone: 330-800-9043
Website: http://AskTheHouseGuy.com
Rob@RobTheHouseGuy.com 330 800 9043 AskTheHouseGuy.com RobTheHouseGuy.com

Mike D'Arrigo

Real Estate Investor · San Jose, California

11 posts
1 award
50 influence

Jul 03 '11, 06:13 PM

Wayne, I'm from CA myself but I'm not doing anything in my own backyard at this time. There are some good areas, but you can't expect to find the kind of discounts that you can in other areas. It's also difficult to get properties to cash flow in most parts of CA due to the high cost. If you can get the right deal in the Central Coast you might be able to get some cahs flow but getting something with 20% equity in alot of those areas would be considered a great deal. Having said that, there's some good bargains in Cleveland and Columbus, OH. I see Rob Gillespie who responded to your post is from OH. I would definitely take him up on his offer to talk.

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

Donor Pro

11,045 posts
24 awards
92 influence

Jul 03 '11, 11:28 PM

Wayne - I strongly suggest you start in your own backyard. There are plenty of opportunities in your market . . . once you start investing al long distance, you're picking up a whole new set of potential issues. I certainly think you can find bargains out of state, but until you've got more experience, I wouldn't recommend it.

Joshua Dorkin, BiggerPockets, Inc.
E-Mail: webmaster@biggerpockets.com
Telephone: 877-831-4704
Website: http://www.biggerpockets.com
Be sure to check out the BiggerPockets Blog at http://www.BiggerPockets.com/renewsblog/

Wayne M.

Real Estate Investor · Belton, Missouri

15 posts
1 award
50 influence

Jul 05 '11, 06:59 AM

OK, thanks for the input. I will stay in my backyard and learn and soak up what I can.