Updated almost 7 years ago on . Most recent reply
Buying First Rental Property in KC
Hey BP!
I'm about to start looking for a rental property to buy with some partners. I'd love an assistance when it comes to deal flow, general tips, resources, etc. Thanks!
Most Popular Reply
Find a good agent, some let's just say suck really bad at understanding the scope of repairs. Finding properties is easy, some agents have off market stuff, others focus on MLS and some do both. A good agent will be your eyes and ears, they will be the second set of eyes on your deal but more importantly they meet the contractors, the inspectors, appraisers, and other agents on your behalf. It's crazy what some positive face time and or agent who's well networked can get done for you...
From an investor standpoint, if your going out of state get higher end stuff. Skip right over the D/C stuff and go to the B/A stuff.... far less headache. Get a property that people want to live in and price it right you'll have far less issues then a place people have to live at the top of their budget...
You'll want market rents to be around the 800+ range (it's ok if they're lower and you can raise them) to about the 1400-1500 range. Once you top that it get way harder then it needs to be.... I'd say pricing going to be 70-150k range per door... wide range but again we're talking a big area here..