Kansas City, MO · Member since 2017 · 10 posts · 8 votes
7y
William - I'm currently house hacking a triplex right off the plaza using fha. I found it on the mls and am hoping to make a pretty penny live-in flipping it. Two points here: 1) fourplex seems like the obvious choice for FHA because there are more units, but really you're leveraging the 3.5% down to an asset value. You should consider a duplex or triplex at higher price points (and higher rents), as your fourplexes are almost all going to be in neighborhoods where every property is a fourplex and the rents are capped because of poor location and there's no variation in the supply in the market. 2) I forget number two, but you should find a lender that does 203k if you're up for rehabbing something.
Real Estate Agent · Kansas City, MO · Member since 2018 · 262 posts · 250 votes
7y
I have not personally seen any on the market. In this instance you may have to drive around for properties and possibly direct mail. I know Lee's Summit has some solid duplexes that I have seen but that is not the area you are talking about.
Specialist · Carlsbad, CA · Member since 2018 · 1k+ posts · 638 votes
7y
@William S. Your best bet is to try driving for dollars if you have already exhausted other possible lead generation outlets, i.e online sites like ListSource, consulting County/Public Records etc.
Kansas City, MO · Member since 2017 · 13 posts · 7 votes
7y
Can't speak for OP, but four-plexes are hard to come by in the Waldo, Brookside, Plaza, Westport areas. However, you can find some duplexes in those areas.
Kansas City, MO · Member since 2017 · 10 posts · 8 votes
7y
William - I'm currently house hacking a triplex right off the plaza using fha. I found it on the mls and am hoping to make a pretty penny live-in flipping it. Two points here: 1) fourplex seems like the obvious choice for FHA because there are more units, but really you're leveraging the 3.5% down to an asset value. You should consider a duplex or triplex at higher price points (and higher rents), as your fourplexes are almost all going to be in neighborhoods where every property is a fourplex and the rents are capped because of poor location and there's no variation in the supply in the market. 2) I forget number two, but you should find a lender that does 203k if you're up for rehabbing something.
Kansas City, MO · Member since 2017 · 10 posts · 8 votes
7y
William - I'm currently house hacking a triplex right off the plaza using fha. I found it on the mls and am hoping to make a pretty penny live-in flipping it. Two points here: 1) fourplex seems like the obvious choice for FHA because there are more units, but really you're leveraging the 3.5% down to an asset value. You should consider a duplex or triplex at higher price points (and higher rents), as your fourplexes are almost all going to be in neighborhoods where every property is a fourplex and the rents are capped because of poor location and there's no variation in the supply in the market. 2) I forget number two, but you should find a lender that does 203k if you're up for rehabbing something.
Rental Property Investor · Philadelphia, PA · Member since 2015 · 212 posts · 116 votes
7y
Not to hijack the thread but has anyone had luck finding 4-plexes (not specifically for FHA) in the market as a whole? The few that I've seen have sold super quickly.