Looking for my first property

[Adrian Dryden]

Hi,

Just joined today.  Been thinking about long-term rental property investing for a long time but never seriously took the steps to look into actually getting started until now.  Living in Portland, buying a rental property out here is a financial non-starter and some of the things I've heard about being a landlord in this state aren't the best, so I have been looking to invest out of state.  I've been looking at properties in Kansas City on both sides of the state line, but I'm open to looking in other cities as well.  Seems that properties are relatively affordable and one of my friends bought his first investment property out there.  What is the return like for rental properties?  I'm not expecting to profit a great deal on my first property but definitely don't want to be paying out of my own pocket each month for the mortgage.  Any agents in the area that could provide some advice?  Thanks!

[Nicholas L.]

@Adrian Dryden

what's the return?  none, in the first few years.  with prices and rates high it will take several years to pay off closing costs, get stabilized, etc.  showing any true profit or 'cash flow' in the first few years is just making things up and ignoring transaction and holding costs.

i get the appeal of midwest prices, but if at all possible i'd encourage you to stay within a couple hours of where you live.  this allows you to be hands-on, do value adds, etc.

happy to answer any questions you have / connect directly.  i have nothing to sell and seem to be serving as a voice of reason to coastal investors who think OOS is effortless and low risk.

and, i bet the KC agents are going to be bullish on KC =)