I've been looking into buying a single family house or small multi-family in the Kansas City area to rent it out. I've been doing research for a couple years and I feel like I'm at the point where I need to take some steps towards my goal of buying a house to rent out.
Hey Eric, a couple years back I bought a property on the south side of KC in Belton. It has performed great and I think KC is a great market.
Are you planning on house hacking or will this be just a rental?
I already own a single family home otherwise I would be open to house hacking. I am considering moving out of my house and renting it in the future.
One caveat is I haven't lived in my house for 2 years yet, and my understanding is I would need to pay taxes on my current house's appreciation if I do not live in the house for 2 years before renting it out.
@Eric Benz What type of asset are you looking into. Yes, the 2 year rule will apply to your home. I would recommend keeping it as a rental, if the numbers work.
Happy to chat more and point you in the right direction - we also have our next FIBI event on June 4th. I highly recommend you search meetup for the details and come!
@Eric Benz Kansas City is a great cash flow market if you buy in the right area. The best place to start is by defining your criteria and class of neighborhood. I always recommend buying in the best class of neighborhood that you can afford and stay out of cheap, low end areas. The best rental areas with good returns are in the suburbs outside of the 435 loop. These are mostly B and C class neighborhoods. Feel free to reach out. I'd be happy to help.
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