I'm interested in investing in Kansas City due to the strong cash flow potential and optimistic economic outlook the market. I haven't spent much time in the area, however, and am curious if anyone has suggestions of parts of KC that would be good for an investment property - preferably multi-family. I've used Realtor.com crime maps to help gauge the safety of some of the neighborhoods, but I realize those only paint part of the picture. Thanks!
It's pretty hard to answer this question, it is really very general. There is a thread on here started by @Chris Dawson that suggests good and bad rental areas by zip codes. You might want to define if you're looking for TK multifamily or value add MF. How much do you want to spend per unit? How much cash flow do you want? Do you want A, B, C, or D area?
Thanks for the thoughts Lee - I am looking for value add MF, would like to spend no more than $200k, and would like to cash flow at least $300 a month. My primary hope is to find an area that attracts quality renters (pay on time, lower crime area, etc) and cash flows. Sometimes this is a tall ask, but it's a lot easier for me to spot cash flow from listings then it is to identify areas with quality renters. I know this can be a tall ask, but if anyone has found a 'sweet spot' within KC, I'd love any thoughts.
200k total or 200k before you do rehab? When you say value add do you mean replace countertops and paint or do you mean full rehab? You want to cash flow 300/mo with what amount down? How many units? Residential loan or commercial loan, what's your amortization, what is your interest rate? You really need to nail down a LOT of variables before anyone can advise on a sweet spot! MF is VERY hot is KC right now so there are multiple offers the day a property is listed. Maybe you should get on a daily feed from the MLS and see which deals meet your criteria with the type of financing you're talking about!
@Stephen Rooker I would love to set you up on a mls feed and help out any way i can here in kc.
I am a local Realtor, Property Manager, Investor and Wholesaler. Let me know if you would like assistance.