I live in Denver and am trying to grow my buy and hold portfolio. With the current market here I am looking in to the mid west. I came across a property in Kansas City, MO. The numbers look good and cashflow. Does any one have any experience investing in KC? Or have any advice investing in KC?
KC is a good market. Do you have a PM out there who can tell you more about the neighborhood. You want to have someone on your team on the ground.
Spend the extra coin and get higher class neighborhoods, skip the rough areas. SFH are tough in certain price ranges as EVERYONE is competing against each other so submit strong offer.
@Nicholas Denning reverse engineer this thing. Find the right people in KC and then take their advise about areas to invest. People that are there that support your business are 10x more valuable than the property you purchase.
@Nicholas Denning Make a trip the area, meet teams or team members you are thinking of working with, learn something about the various submarket areas, and avoid the really low income areas. Target properties that will get at least $900 rent, $1000+ is better
I am looking at working with Roofstock to purchase a property there. So they have a property management company in place to work with. Roofstock has been very helpful in the search so far.
I'm also looking to invest in the KC, MO market from out of state. I visited last year and will admit that a lot of the areas are "war zones" so to speak. I'm going to be reaching out to other members on BP who know the KC market and ask what their no go zones are.
From just browsing the MLS, I've come across a few amazing deals by the numbers. However they've sat on the market. One home was recently renovated and looked gorgeous inside. Current tenant is under lease until July and pays $750 p/m. Was listed for $45k and was on the MLS for nearly a month. It seems that flippers have started to go into the class C- or D neighborhoods. My main concern with that is tenant quality.
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