Brooklyn, NY · Member since 2016 · 8 posts · 4 votes
Hi BPers!
I'm a newbie from NYC, have yet to do my first real estate deal, and looking into buy and hold SFR to 4-plexes (low maintanence is ideal like B and A class 'hoods). I've been looking into different markets and have narrowed it down to Kansas City, Savannah, Atlanta, and Dallas. Before making any deals I'm going to spend a little time in each of these markets, plus it gives my boyfriend and I an excuse to go on vacation and eat a lot of food!
We have booked our plane tickets to visit Kansas City MO for a few days at the end of the month to see some sites, eat some BBQ, and meet some players in the KC real estate market. Although we aren't ready to pull the trigger yet, I do want to see some neighborhoods and meet some people that we could work with in the future.
So BPers, can ya steer me in the right direction? Who do you recommend we contact (ie, Turnkey companies ? Property management companies? Real estate agents/investors)?
We would also love recommendations as to where locals love to eat/drink/hang!
Your help is much appreciated!! Thanks in advance!
@Karena Wong I believe you'll really enjoy your time in Kansas City! As you noted, we sure have some good BBQ here. Here's a few suggestions, although there are many more: Gates, Zarda, Danny Edwards on Southwest Blvd, Joe's KC (formally Oklahoma Joe's), BB's Lawnside, Q39, and Jack Stack BBQ. Again, that's just getting started on that list.
As far as where to look, I'll assume you're interested in the Missouri side of KC. The rough areas are South of downtown, East of Troost. This is a generalization, but North of 85th, and East of Troost can be a little sketchy, some pockets more than others. Some people make a lot of money in these areas, but I wouldn't recommend it to someone from out of town. Often recommended is to look outside of the 435 loop. You'll see on a map that 435 does a large circle around the city, areas outside of the loop are generally nice areas to be in. Many investors look in Raytown, Independence, Grandview, North KC, Liberty, and Gladstone. There are also areas where cash flow may be less, but you have nice neighborhoods and appreciation potential, such as Lee's Summit, Blue Springs, or Overland Park, Shawnee, and Olathe on the Kansas Side in Johnson County.
Go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.
You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Do this now via phone with club officials and vendors then in person.
@Karena Wong I believe you'll really enjoy your time in Kansas City! As you noted, we sure have some good BBQ here. Here's a few suggestions, although there are many more: Gates, Zarda, Danny Edwards on Southwest Blvd, Joe's KC (formally Oklahoma Joe's), BB's Lawnside, Q39, and Jack Stack BBQ. Again, that's just getting started on that list.
As far as where to look, I'll assume you're interested in the Missouri side of KC. The rough areas are South of downtown, East of Troost. This is a generalization, but North of 85th, and East of Troost can be a little sketchy, some pockets more than others. Some people make a lot of money in these areas, but I wouldn't recommend it to someone from out of town. Often recommended is to look outside of the 435 loop. You'll see on a map that 435 does a large circle around the city, areas outside of the loop are generally nice areas to be in. Many investors look in Raytown, Independence, Grandview, North KC, Liberty, and Gladstone. There are also areas where cash flow may be less, but you have nice neighborhoods and appreciation potential, such as Lee's Summit, Blue Springs, or Overland Park, Shawnee, and Olathe on the Kansas Side in Johnson County.
@Karena Wong Kansas City is a far different market than the other 3 you mentioned. It is a a great cash flow market with much better ROI. We sell turn key properties in KC and no the areas well. I totally agree with @Jayson Edwards on the areas outside of the 435 loop and staying out of the inner city between downtown and 85th and east of Troost. Let me know if I can be of any help.
Good evening bp'ers! Thank you all for the great advice!
@Jason Hawk thank you for reaching out, I will PM you shortly to discuss.
@Paul Timmins, that is a brilliant idea. I will definitely start researching and asking around. We'll be in KC for only 3 days so a REIA meeting is probably not feasible. Thank you!
@Jayson Edwards I can tell you are a fellow foodie! Thank you for the recs for food and places to avoid. I would want to be in better school districts and nice neighborhoods.
@Mike D'Arrigo KC is a top contender for us, I will PM you shortly to discuss. Thank you!
@Karena Wong I'm glad to hear Kansas City is a top contender for you. There's a lot going on there and it's one of the best cash flow markets in the country in my opinion. Feel free to reach out.
@Karena Wong welcome to BP and glad to see you have an interest in Kansas City. I'd be happy to be a guide for you when you come to town. Send me a PM and we can coordinate.
@Karena Wong You picked a great time of year to visit! We own 3 rentals up north not far from the airport in the park hill school district. If you'd like to have a look at this area let me know. It would be categorized as A and B with many families and professionals. Higher to get into but so far very stable.