Newbie college student in Kansas City area

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Newbie college student in Kansas City area

Jack Mills
Olathe, KS 路 Member since 2019 路 6 posts 路 0 votes

Hello!

I am a 21 yr old college student and have been very interested in REI for a few years now. I have listened to both BP podcasts for a while, as well as some books and other resources for some background knowledge on how to get started.

Background:

I am from the Kansas City area (Grew up in Rural Miami County). Started my college career at Baker University playing baseball and currently attend K-State. I will finish up my degree(s) in Mech. Engineering and Physics next year and hope to get a solid income to finance my REI goals until I can hopefully make it my full time career (Currently interning at an aerospace company in KC). At school, I also work for a landlord in the area doing various property management and renovation work (Painting, flooring, decking , tenant calls, showings, etc).

Goals:

Using my summer internships and job at school I am saving up as much as possible while still keeping my student debt low in hopes of finding a property to house hack after I graduate as a starting point.

I would love to hear any specific tips/tricks for my situation and get to know other like-minded individuals with similar interests in my area.

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Most Popular Reply

Kim Tucker
Flipper/Rehabber 路 Kansas City, MO 路 Member since 2011 路 2k+ posts 路 712 votes
7y

Jack - I too grew up in rural Miami County (Paola) and attended K-State and after years in corporate, I got my real estate license and became the realtor for our family investment team.  That was 20 years ago.  We buy, fix, and flip.

While attending our local meetings in KC might be a stretch from Manhattan, if you are in KC on the 2nd Tuesday of the month join us at MAREI in Overland Park.  Then you can connect live and face to face with local investors.

We will be talking about wholesaling in August, that allows you to flip houses without much if any money.

In September we will be talking about rehabbing houses - one of the Rs in BRRRR.

And in November we will be talking about creative financing to buy houses to hold for your BRRRR.

The first meeting is free.  We post the events on the calendar here on BP.

Kim

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  • Ian Gilligan
    Rental Property Investor 路 Dayton, OH 路 Member since 2018 路 108 posts 路 48 votes
    7y

    Hey Jack! Welcome to the forums. Sounds like you got a good strategy going. I'd say definitely keep getting as much real world experience as you can, and live waaaay under your means so you can save as much capital as you can and get that house hack going! Good luck bro! 

    0Reply
  • Jack Mills
    OP
    Olathe, KS 路 Member since 2019 路 6 posts 路 0 votes
    7y

    @Ian Gilligan That鈥檚 the goal. Thanks Ian!

    0Reply
  • Chris Zumbach
    Member since 2019 路 2 posts 路 1 vote
    7y

    My recent college graduate son has a similar path as yours...he recently invested in a SFH in Kansas City....he's in the midst of painting, bathroom updates, new flooring, etc on his recent purchase of a 1955 3 bedroom/2 bath ranch. Rent downtown KC was more than he wanted to spend, so he's "house-hacking" and has two additional renters lined up to live with him. He's actually working his way towards getting to Seattle for work as an Industrial Designer. Bigger Pockets has been an inspiration for him and helped him gain a lot of knowledge. I'd suggest just digging in....listen to the podcasts, search Zillow, etc like crazy to become familiar with the neighborhoods and have your financing & plan ready to move quickly...homes (good ones for sure) seem to sell VERY quickly in KC area. Decide how much you're willing to renovate yourself (if that's your path) Find a good lender & real estate agent too.  Save up the cash for a down-payment/renovation money too.  Good Luck and have fun!!

    1Reply
  • Tom Ott
    Equity Raiser and Turnkey Provider 路 Cleveland, OH 路 Member since 2016 路 4k+ posts 路 1k+ votes
    7y
    Originally posted by @Jack Mills:

    Hello!

    I am a 21 yr old college student and have been very interested in REI for a few years now. I have listened to both BP podcasts for a while, as well as some books and other resources for some background knowledge on how to get started.

    Background:

    I am from the Kansas City area (Grew up in Rural Miami County). Started my college career at Baker University playing baseball and currently attend K-State. I will finish up my degree(s) in Mech. Engineering and Physics next year and hope to get a solid income to finance my REI goals until I can hopefully make it my full time career (Currently interning at an aerospace company in KC). At school, I also work for a landlord in the area doing various property management and renovation work (Painting, flooring, decking , tenant calls, showings, etc).

    Goals:

    Using my summer internships and job at school I am saving up as much as possible while still keeping my student debt low in hopes of finding a property to house hack after I graduate as a starting point.

    I would love to hear any specific tips/tricks for my situation and get to know other like-minded individuals with similar interests in my area.

     Hello and welcome! Best of luck to you! 

    0Reply
  • Christa Burket
    Rental Property Investor 路 Canandaigua, NY 路 Member since 2016 路 13 posts 路 12 votes
    7y

    Hi Jack!

    Sounds like you have a good path started for yourself. Not sure if I'll have any "new" information to offer you but saving, learning (podcasts, books, etc), and networking (join a REIA!) are some of the main things I'd suggest doing at this stage. Also, pay attention to the market in the areas you'll be looking so you can get a feel for how properties are selling. Then when you're ready to buy you'll have an idea of how quickly you need to move to purchase one. Practice running numbers on homes to see what it will cost to rehab and how your return is going to look. You could even start to test the waters and find off market deals to wholesale if that appealed to you. Wholesaling would be a shorter commitment time and may lead to some valuable connections over time.

    Good luck with whatever you decide to do! It's an exciting journey to be on. 

    1Reply
  • Kim Tucker
    Flipper/Rehabber 路 Kansas City, MO 路 Member since 2011 路 2k+ posts 路 712 votes
    7y

    Jack - I too grew up in rural Miami County (Paola) and attended K-State and after years in corporate, I got my real estate license and became the realtor for our family investment team.  That was 20 years ago.  We buy, fix, and flip.

    While attending our local meetings in KC might be a stretch from Manhattan, if you are in KC on the 2nd Tuesday of the month join us at MAREI in Overland Park.  Then you can connect live and face to face with local investors.

    We will be talking about wholesaling in August, that allows you to flip houses without much if any money.

    In September we will be talking about rehabbing houses - one of the Rs in BRRRR.

    And in November we will be talking about creative financing to buy houses to hold for your BRRRR.

    The first meeting is free.  We post the events on the calendar here on BP.

    Kim

    1Reply
  • Michael Kay
    CA 路 Member since 2018 路 83 posts 路 44 votes
    7y

    Kansas City doesn't have a huge inventory of 2-4 MFH so don't get discouraged.

    You also may want to consider getting a realtor license

    0Reply
  • Jared Hoston
    Specialist 路 South Overland Park, KS 路 Member since 2019 路 4 posts 路 1 vote
    7y

    @Jack Mills Awesome to see some local fam here on BP!! Great to see you aspiring to invest in real estate and wanting to make a full time living out of it. You definitely are at the right place for lots of encouragement, help and education! Too many great people and resources on here not to succeed..

    Welcome and savvy investing! 馃槫

    0Reply
  • Jack Mills
    OP
    Olathe, KS 路 Member since 2019 路 6 posts 路 0 votes
    7y

    @Jared Hoston No doubt man, best of luck to you as well!

    0Reply
  • Jack Mills
    OP
    Olathe, KS 路 Member since 2019 路 6 posts 路 0 votes
    7y

    @Kim Tucker

    Small world! I am basically in between Paola and Spring Hill near Hillsdale lake.

    I am in KC until late August so I will definitely try to check out the meet-up next month to network and gain some knowledge. Thank you for the info and reply!

    0Reply
  • Jack Mills
    OP
    Olathe, KS 路 Member since 2019 路 6 posts 路 0 votes
    7y

    @Christa Burket

    Thanks Christa!

    I will definitely get started on some of that early to get a feel before I pull the trigger on anything.

    0Reply
  • Jack Mills
    OP
    Olathe, KS 路 Member since 2019 路 6 posts 路 0 votes
    7y

    @Chris Zumbach

    Thanks Chris! Cool to hear your son is in a similar situation.

    0Reply
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