Updated over 10 years ago on . Most recent reply
Hi from Kansas City
Hey everyone!
My name is Mitch Rice and currently live with my wife and wonderful kids in Lenexa which is a suburb of Kansas City. Last October, we moved out of our first home (a duplex) and instead of selling it we decided to rent it.
6 months later it's safe to say we've been bitten by the REI bug. We currently have a contract on a turnkey property in KC and are hopefully going to make an offer tomorrow on a full duplex that will be our first rehab project. If all goes well, we'll be able to purchase one more (for a total of 4) by year end.
Currently I work at a large technology corporation in the area and my 10 year goal is to replace my current income with rental properties. Over the course of these 10 years, we'll be mainly investing in buy and hold properties but are also interested in doing 1 to 2 flips per year.
I've been lurking on BP for the last several weeks and am excited to join the community as an active member. I'm always up for coffee or a meet-up if anyone in the local Kansas City area is interested.
Mitch
Most Popular Reply
Welcome @Mitch Rice! I try to stay away from the allure of very high COC numbers because those generally come with more risk when it comes to your tenants. Especially since I'm investing in KC from out of state, I prefer properties near very good schools (like in Blue Springs), which should keep my house values stable if not appreciate slightly more than ones in less desirable neighborhoods. My COC return may not be as high as a property in Raytown or those in the Hickman Hills school district, but being that I'm investing for the long haul as well (i.e. 20+ yrs), I think a nicer class property will fare much better over time.
You must be thinking, "How the heck am I doing this from out of state?" Well I didn't buy turnkey, if that's what people are thinking. I couldn't have done it without the help of @William Robison. He's been absolutely essential to my investing out in KC. If you're interested in Raytown or any of Jackson County for that matter, William has a ton of experience and knowledge of the area down to the street level. I recommend talking to him. Good luck!