Hello everyone! Love this Forum and my dream is to have properties all over the world one day:)
Now I am looking to buy a place to turn it into short term rental. I've done it in my area and now want to go to a different state, where you can buy something for 100-150k. I've read privious topics and many people were referring to 20% ROI. I am wondering if I should look somewhere else, or use different approach, because the best option I've found so far is Kansas City, MI. Property in historical downtown can be bought for $110k and rented for $140 a night on average. Hosts seem to be very busy and many of them have multiple listings. However what I also have discovered that the city is trying to put limitations on short term rentals. And even in best case scenario it won't be 20% ROI.
Is anyone here familiar with KC market/regulations?
Also, where can I find more information on how to find a right property for me?
Any input and comments are very welcome!
@Anastasia Stal You might want to look at marei.org. it is the rei site for kansas city and many times they talk about landlord laws and other legislative issues around the Kansas City area for investors. You might be able to find the right property on the kc mls. You can also network with wholesalers in the kansas city area to find an off market property. There are kansas city investor groups on facebook. I own real estate in kansas city from CA also. It has been a learning experience. I also liked the area when I visited during the summer.
@Anastasia Stal Kansas City is a pretty interesting market due to a lack of competition in many areas still. With that being the case, you should be able to clean up when it comes to competing against local hotels.
I do have someone in my network who has helped other investors out who have tried to find the right short-term rental investment opportunities in Kansas City. Shoot me a direct message or give me a ring, and I would be happy to make an introduction.
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