KC Small (5-20 unit) MFR market
Hello KC investors!
I'm an investor from Portland OR, doing mainly fix and flips and the occasional lease option over there. I've been networking quite a bit locally and connected with several investors in the NW that are looking to invest out of state in smaller (5-20 unit) MFR properties in the midwest. I've been researching markets in the midwest for some time and KC was one of those cities that just kept rising to the top of the list for potential cities to invest in. I know that KC is pretty hot (what market isn't right now) but I've decided to take a scouting trip to get a feel for the city and network a bit. I have a friend of friend that is a pretty active flipper in KC that I will be connecting with but I wanted a broader perspective on KC too.
What cap rates are you consistently seeing? I've seen quite a number of properties on Loopnet at 8+. I would imagine that those neighborhoods are probably C- to D though. What are your thoughts on the Troost Development? Is it being managed well? Are you optimistic that that will improve the area?
Do you have a lender you would recommend?
If anyone is looking for private money, let's talk! I may be able to help. Our problem over here is plenty of cash, not enough deals.