First duplex Out of State

14 Replies

Feeling pretty good today. Just closed on my first multi family (duplex) deal in Kansas City. I live in CA and heard about the market in KC and after making some contacts with a local agent and PM, decided to take the plunge.

Congrats! What area of KC is it located in?

@Carl Mccrory yes can you please share the area, purchase price and how much it is rented for ? Just to compare with what is out there for sale?

Congrats!!!
How did you end up in Kansas City?
I am also in California and have been searching for a less expensive/more cash flow type market...

Duplex was 89k. Currently rents for 1180. Plan on getting it up to 1300. I found I had a friend of a friend who is a real estate agent out there. I just looked at the market and analyzed a few deals and then I flew out there to check the area out. Knew I did not want to invest in the inner city so ended up with this property in Raytown. I did my due diligence and had property inspectors do a complete report. I actually only saw it in person the day before I closed on it. So far I am pretty pleased with the purchase and am planning on sticking with this market for the foreseeable future. It really was pretty simple overall. I thought it might be more difficult/ risky investing OOS, but if you're willing to pay for a cheap flight and make some contacts anyone can do this.

@carl thanks for the reply and info!
Nice work and let me know how things continue to progress for you.

I'm out hunting !!!

nice work! I made my first offer on my first out of state duplex about a year ago and now have two duplexes out in the Midwest. best decision I've made in a while!

@Carl Mccrory congrats on your first multi family! I am a new investor in California (Redlands) and was looking into Kansas City myself. How was your experience finding local agents, property managers, and contractors out of state? 

Was the duplex turnkey and move in ready? It looks like the property was already leased which is awesome.

If you would like to connect and discuss out of state real estate let me know.

Good luck finding your next deal!

-James

@Carl Mccrory

Congratulations! KC is great and Raytown is a nice area.

89k for a dup @ Raytown sounds like a good bargain although individual neighborhood differ appreciably but over all not a bad price at all...

Cheers!

Kansas City is a great market!

@Carl Mccrory Congrats on your first OOS REI! KC is a good cash flowing market. As others have said more details on this deal would be great to hear. A duplex for well under $100k, unless it needs work, does raise concerns about what kind of neighborhood it is in. You may find this is not as simple as you think over the long term. However, it is great to be in the game.

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Originally posted by @David Carbajal :

Congrats!!!
How did you end up in Kansas City?
I am also in California and have been searching for a less expensive/more cash flow type market...

 David, I would definitely encourage you to look in to Kansas City then. I've been involved in the KC market for several years and consider it one of the best cash flow markets in the country right now. Feel free to reach out. I'd be happy to share my insights.

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