Buy and Hold - Kansas City, MO

15 Replies

Good Morning and Merry Christmas to All,

My name is Jason Gullick and I reside in Overland Park, Kansas. Much like most new members to this site I am looking to create income outside of my day to day job. I am currently working as a Senior Operations Manager in Transportation.

With a plethora of information and available on the internet I am struggling to find the best place to focus my efforts and get started. 

My hope is that this community can help me take my first steps in a success investing career in real estate. Any strategies, advice and connections are greatly appreciated!

Best,

Jason Gullick

I'm also like you a newbie that works full time (as a civil engineer in Lenexa) and am looking for outside the job passive income. My biggest suggestion that has helped me in the early stages is obviously reading as much as possible but that can be difficult as I have a 2 year old girl. So one thing I've done to make up for that time is listening to the podcast while I'm working. You don't necessarily pick up everything that way but you will pick up a lot of things. 

@Jason Gullick

Hello and welcome to the site! We found the podcast after we had bought our first investment property and were in the process of renovating it. It was a great resource and motivator to listen to while staining cabinets etc. I learned a ton also in the mistakes from that first rehab. The main lesson was that while my husband is fully capable of all remodeling, it is more efficient to hire out so that it can be rent ready more quickly. 

We started with equity in our primary residence and then got a HELOC which we used for down payment and rehab cost. Then refinanced and payed back the HELOC. Luckily we have great credit but an FYI as you start investing if you are applying for preapprovals, it will bring your credit down some. The next property we bought outright with the HELOC and then financed after it was rehabbed and rented.

Our latest investment has been finding a creative financing situation to get us into a nicer home in our neighborhood (We just moved in less than two weeks ago). So the next step is getting our former home ready to be rented. It has been a fulfilling adventure but I can relate with the @Jake Allen Hattock with the time and having a job and young children. However, when there is a will, there is a way. 

@Rachelle R. Thanks! I hope to learn a lot from everyones experiences

@Jake Allen Hattock Shortly after I found this site I pulled a couple of books from the forums. I am currently working through "What Every Real Estate Investor Needs to Know About Cash Flow and 36 Other Key Financial Measures." by Frank Gallinelli. I am very much a numbers person so this book hits home.

 @Carrie Hallensleben Thanks for sharing your experiences and it appears you are well on your way. I am currently single with a great job. Hopefully I can leverage those advantages to get moving quickly.

Best,

Jason

Welcome to BP. Kansas City is a great market. I would suggest starting with a Fannie/Freddie loan to buy a 1-4 unit property.  Feel free to reach out directly-I am happy to help if I can.  

Welcome to the site! If you look at my posting history I have chronicled my deals this past year starting from square one in the kc area. I live in OP and am willing to help if you want.

Welcome to BP, if there is one advice I think everyone should do is read & ask questions. There are so many people here who are willing to help you before you make your first investment. Seek out people near you, ask them questions, read their blogs, their stories...Good luck!

Some Tips

1.  Research the many ways there are to invest and find the one that best fits the time you have and the money you have.  Then learn all you can about that way of investing.

2.  Learn what a good deal is before you buy anything.  A friend of mine once said, go physically look at 100 houses and work the numbers before you buy anything and I think it is sound advice.

So once you know what you want to do and start looking at houses to learn what a great deal is, you will along the way find a deal to start your process.  Most people don't start doing deals until they start going to look at houses and they usually use every excuse in the book to put off looking at houses.  However, if you are just looking and not buying, then you can get out and see houses, talk to motivated sellers, work your numbers, ask opinions of contractors and other investors, meet other investors who might buy or sell to you.

@Jason Gullick welcome. Joining BP and interacting is a great first start in your investing endeavors. 

You need to know what path you want to take, i.e. flipping, rentals, wholesaling, as there are many different paths in the investing arena. Once you've identified your path you can seek out specific information on the same such as podcasts, threads, online information, etc. If you don't identify a specific path you are likely to get lost in the information overload, or worse, noise.

Since you're local to KC I suggest you join the local REI group MAREI. You can easily find this group online. It is a great place for local investors.

Don't leave your day job. You can do investing part time and once you have had some successes perhaps looking at alternatives. It took me 2 years of investing to quit my full time job, that was 11 years ago now.

@Carrie Hallensleben has some good ideas.

@Kim Tucker is always a great resource too.

Best wishes in your investing business.

Hi Jason Gullick welcome to BP! This site took me from owning no Real Estate to over 25 buy and holds in the last 6 months. You have the unfair advantage of living in an awesome market where you can lay eyes on some great potential deals.

What strategy are you most attracted to? What kinds of "unfair advantages" / "edge" do you have right now that you can start leveraging?

Feel free to private message.

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