Investor · Kansas City, MO · Member since 2015 · 128 posts · 89 votes
Hello BP!
I'm looking for multi-family properties in KC. I currently own 7 units in that area. Nothing on the market at the moment is any good or way overpriced to make a profit. How do I find off market properties? Should I wait or start reviewing single family properties as well?
The cities I like to buy in are:
Raytown, MO
Independence, MO
Grandview, MO
Belton, MO
Raymore, MO
I would like to keep my next couple deals somewhat nearby so I can use the same management company, but I will take other areas into consideration.
Real Estate Broker · Kansas City, MO · Member since 2017 · 537 posts · 292 votes
7y
Hey, @Rick Novotny, we're here on the ground in and around the KC area doing all kinds of fun real estate activities. I'd be happy to talk shop with you and give you some pointers about what to do here. I'll tell you like all the investor-buyers who I talk to about finding deals here: If you want to TRULY find the best deals that you can, then you'll need to FIND A WAY to get into DIRECT CONTACT with the OWNERS of theses properties. This may sound a bit strange because I am a real estate broker as well, and I do enjoy getting paid my commissions, but your best bet is to deploy some type of marketing to attract the motivated sellers for the types of properties you'd like to purchase. :) This way when you find a deal that's worthwhile you won't necessarily have pay a realtor commission on top of a wholesale fee or the like.
There are resources out there (websites & data companies, squeeze pages, facebook & instagram marketing, radio & tv ads, direct mail postcards & yellow letters, and on and on and on) that'll help you find & attract these motivated sellers. If you choose not to utilize them that's your choice... You can continue to work with wholesalers and realtors that care MOSTLY about their commissions or fees and not so much about the success of their clients.
The market has shifted here and there are TONS of buyers waiting on the sidelines and contacting agents & wholesalers on the regular to do the "dirty work", so to speak. Just know that you can surely find good deals with realtors or wholesalers but know that they'll be less willing to bargain with you because they know if it's truly a great deal they'll find a way to do it themselves or they'll tee it up to the highest bidder. :)
Real Estate Broker · Kansas City, MO · Member since 2017 · 537 posts · 292 votes
7y
Hey, @Rick Novotny, we're here on the ground in and around the KC area doing all kinds of fun real estate activities. I'd be happy to talk shop with you and give you some pointers about what to do here. I'll tell you like all the investor-buyers who I talk to about finding deals here: If you want to TRULY find the best deals that you can, then you'll need to FIND A WAY to get into DIRECT CONTACT with the OWNERS of theses properties. This may sound a bit strange because I am a real estate broker as well, and I do enjoy getting paid my commissions, but your best bet is to deploy some type of marketing to attract the motivated sellers for the types of properties you'd like to purchase. :) This way when you find a deal that's worthwhile you won't necessarily have pay a realtor commission on top of a wholesale fee or the like.
There are resources out there (websites & data companies, squeeze pages, facebook & instagram marketing, radio & tv ads, direct mail postcards & yellow letters, and on and on and on) that'll help you find & attract these motivated sellers. If you choose not to utilize them that's your choice... You can continue to work with wholesalers and realtors that care MOSTLY about their commissions or fees and not so much about the success of their clients.
The market has shifted here and there are TONS of buyers waiting on the sidelines and contacting agents & wholesalers on the regular to do the "dirty work", so to speak. Just know that you can surely find good deals with realtors or wholesalers but know that they'll be less willing to bargain with you because they know if it's truly a great deal they'll find a way to do it themselves or they'll tee it up to the highest bidder. :)
Real Estate Broker · Overland Park, KS · Member since 2014 · 94 posts · 51 votes
7y
Hey Rick. Sometimes you just need to be patient as well. I've bought all of my MFs off MLS so far, but there aren't a ton of really good ones. I'm an agent as well & also am on a bunch of wholesaler lists & Luther is right. I just don't want to go the direct mail route personally. Let me know if you would like an auto mls search set up so you can at least pounce on the good ones.
You might also be open to areas like KCK that CF pretty well, plenty of good PMs around town. Best of luck!
Investor · Kansas City, MO · Member since 2015 · 128 posts · 89 votes
7y
I agree, I have absolutely no interest in a direct mail or other marketing campaign. Maybe if it wasn't my own time. I've found all my deals through the MLS so far. Plus my 9-5 eats my soul. I lived in Overland Park most of my life, so I visit the area at least once per year. I'm more familiar with Overland Park, Leawood, Olathe and Lenxa over the cities I've been buying in.
Investor · Kansas City, MO · Member since 2015 · 128 posts · 89 votes
7y
@Logan Freeman, I would love to do a deal that large, but I have no idea how to come up with that kind of down-payment capital. I'm buying only a few units at a time right now.