I am a new member from Blue Springs, Missouri - an east suburb of Kansas City, Missouri. I grew up in Independence, Missouri, lived for about a year in Dallas, Texas, then lived in and around Tulsa, Oklahoma for about 11 years, before moving back up to the KC area.
I've never been on the investor or owner-of-rental-property side of things. I've done some of the usual things on the tenant and homeowner side. I grew up watching and helping Dad do normal maintenance things on a house. I've been the new roomie that was added to the lease on half of a duplex. I've rented an apartment in Texas on my own. I bought a single-family house in Tulsa, lived in it, and then sold my half of it when I moved back to KC. In KC, I bought a fixer single-family house and fixed it, doing some of the work myself, and contracting some of it out; I now live in that house and own it outright.
My two main ideas for real estate investing include 1) buying a single-family home or a duplex in good condition, and renting it out, and 2) buying a single-family home that needs rehab, doing the work, and then selling it again (fix and flip). I'm leaning towards #1 at the moment, but some of the "tenant horror stories" on BP are making me think about #2. :) Either way, I am mostly interested in properties that are relatively close to where I live, and where I think I have some knowledge of the area - Blue Springs, Lee's Summit, south Independence.
My goal is for real estate investing to make enough cash flow to cover my regular bills. That way I don't have to work so hard at a "real job".
I am lucky in that I have some funds I can use for investing that are separate from the funds that pay the bills and the groceries, so even if I completely screw up investing, I don't have to live under a bridge.
Hey @Matt R. welcome to the site! It's great to have you!
Using either method (buy and hold or rehab) has its pros and cons; the forums and blogs on this site will give you a lot of information to help.
To me, at the end of the day it's about numbers and quality. Numbers: Buying right and figuring in ALL the costs as accurately as you can, providing a cushion for Murphy's Law. Quality: Buying good properties in the right neighborhoods for your goals. (And a good property manager is really important for holds.)
It's good that you focus on the areas near you since you know them so well. You may also want to connect with other more experienced investors in KC to bounce ideas off of.
Best of luck in your new venture... you're on your way to real wealth!
CityView Real Estate Services
Hello Matt R. I too am from Kansas CIty and an investor. I focus on buy and hold and also fix and flip. pros and cons to each. If you ever have any questions or want to meet up for a coffee and discuss your business direction let me know. I am available to help you where I can.
It is great to meet you. It is interesting how your story is like mine. I also grew up in Independence and lived in Dallas Texas for a bit. I am now back here in Kansas City trying to make it better. I would love to talk to you about your goals. I do work with a Investment property company here in Kansas City. We buy, rehab, and rent out properties then sell them to investors like yourself. The benefit with this plan is that the property is producing income day one. We work with a Property Manager that looks after our clients. This way we can work hard in ensuring that quality tenants are placed and Properties are income producing. If you would like to talk more about your plans please email me and I would love to talk to you. The best Investment is the one that achieves your goals.
welcome to BP and looking forward to hearing which path your choose.
@Matt R. welcome to biggerpockets. You can learn a lot hear and network with like minded people. You could also consider buying a property or duplex that needs work and is below appraised value. Do some work to it then rent it out. You then should have equity and good cash flow. You will then create more equity with the rents going to the loan balance. Then one day you can sell the property to buy something bigger and better. Once you do that you will probably get the bug to buy a fix n flip property.
I think the Kansas City real estate market is a great market to invest in.
Welcome to BP Matt! You're going to love it here!
I was born and raised and also invest in Independence, Missouri! Buy and hold sfr and multifamily- hope to do a flip in 2016. Maybe I'll see you around. Good luck in your endeavors!
Welcome to the BP family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:
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Wishing you the best!
Welcome to BP.
I am sure you will find all of the resources necessary to ensure that you will never have to live under a bridge as a result of bad real estate investment decisions.
I have found the brain power here to be awesome and sharing culture to be genuine.
My personal story is that I have been a landlord & property "flipper" for more than 30 years.
I also invest in real estate "paper"...ie. Notes/Mortgages.
I have discovered that I enjoy the cash flow from paper much more than the cash flow from my rentals.
Send me a colleague request & let's chat. I'll gladly share my experiences & the lessons learned.
There are many ways to create profit in real estate. Perhaps my experiences along with those of other BP members will help you identify a niche which can serve as a starting point for your new career.
Thanks for the welcome!
I joined MAREI and will be at their meeting tomorrow (Tuesday, 13 October) at the Overland Park Holiday Inn. Maybe I will see some of you there!
@Matt R. Fix and flip or Buy and Hold is a common dilemma. Both can be good strategies and are not mutually exclusive. I think of it as the goose and the golden egg. Flipping is the golden egg while Buy and Hold is the goose that just keeps on producing. I'll be talking about this very subject on my Pinnacle Perspective show. Look for the podcast of it on my website in 2 weeks.
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