I am a newbie and I'm looking for my first house hack in Kansas City, MO. I'm a realtor so I have access to MLS and am looking every day for multi-properties but nothing is really looking great or in an area I want to be in. Does anyone have any tips/info on where else I can look to find a duplex or multi-unit property? I do not want to go over 4 units. I appreciate any advice or help!
Hey, @Ashley Sivils ! Finding deals in this market can be quite the task. I wouldn't leave any stone unturned... You very well might be able to find a solid property on the MLS but I'd try a few other ways as well. If you can get owner data for the types of properties that you think you'd be interested in purchasing then you could try sending them a letter, a postcard or some type of professional memo. You might even call them on the phone and perhaps even send them a text message or a facebook message or an email. I'd try all of it... Especially if you got the capital and/or you're pre-approved for financing already. You'll have a leg up against guys like me and all these wholesalers and other investors who need a much bigger discount. ;) Good luck to ya!
@Ashley Sivils Welcome to BiggerPockets. The MLS is a highly competitive space, saturated with many experienced buyers. You should try door knocking and driving for dollars too. Might find some diamonds in the rough that way. Try Listsource for pulling lists. After you find the properties you like you need to start a marketing campaign. I recommend triying direct mail marketing. If you are consistent with your mail you will find a lot of success in this. Feel free to ask me more on this if you are interested.
@Ashley Sivils what part of the KC area are you looking in? Where do you not want to be?
@Colin Douthit Ideally around the Plaza area down to 63rd, not east of 71, potentially Pendleton Heights, Plaza area all the way up to the MO river, and not west of Metcalf. Would be open to look outside of this parameter if it was a good deal!
I own a few properties in Independence myself. I found my deals through a wholesaler. There are tons of KC investor meetups and groups online. I would look for a trustworthy deal finder there!
Direct mail to owners of units of that type to see if they might want to sell - My son bought a duplex across the street from KU med, then proceeded to send letters to the owners of every other duplex on the street - bought 2 more.
@Kim Tucker thank you so much! Will try that out.
Interesting to note on my son's deal - He bought the first duplex from an estate - the landlord had passed and his brother didn't want to deal with it as the tenants moved on. Son then had two nicely rehabbed units he proceededf to rent for about 800 a month. The owner he bought the other two (same layout) was rented for $550 and told him there was no way to raise the rents - with some fresh paint and a few updates to the kitchens and baths, as the tenants moved out, the rents increased. The power of finding deals through direct mail is amazing.
@Ashley, I noticed that you've posted a similar post on virtually every potential team-member you could need for real estate investing.
I would recommend that a more effective strategy would be to go to the BiggerPockets events tab and find local REI meetups in KC. They have several good ones, and you would be much more successful networking with local investors, and getting to know them, then getting referrals to team members, than you might here.