Dan Reedy of Moore KC1

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Dan Reedy of Moore KC1

Brian H.
Rental Property Investor · Huntsville, UT · Member since 2012 · 127 posts · 35 votes

Has anyone had any experience with Dan Reedy of Moore KC1. He is located in the Kansas City area. The numbers on the turnkey single family properties he has listed on his website look good enough to start digging deeper so I thought I'd reach out to see if anyone has any experience working with him. I see he is also a BP member.

Here is the link to his website: [url]http://www.morekc.com/

Any feedback would be greatly appreciated. Thanks in advance.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
12y

engelo its jay is my post working on this site...My first one

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  • Brian H.
    OP
    Rental Property Investor · Huntsville, UT · Member since 2012 · 127 posts · 35 votes
    13y

    Bump

    0Reply
  • Laura Williams
    Kansas City MO · Member since 2014 · 357 posts · 349 votes
    12y

    @Brian H. did you ever meet or buy any properties from Dan Reedy? Curious your experience and feedback as his numbers do seem good on his website.

    0Reply
  • Brian H.
    OP
    Rental Property Investor · Huntsville, UT · Member since 2012 · 127 posts · 35 votes
    12y

    @Laura Williams I interviewed him shortly after my original post and didn't feel good enough to pull the trigger with him. Just my opinion. I'd also be curious to know if anyone has any real life investing experience with Dan Reedy.

    0Reply
  • Account Closed
    Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
    12y

    @Brian H.,

    Can you share the reason after you interviewed him why you did not move forward?

    Joe Gore

    0Reply
  • Laura Williams
    Kansas City MO · Member since 2014 · 357 posts · 349 votes
    12y

    Thanks @Brian H. ! I can't find any information on him from other investors who have actually done a deal with him although his post claim he sells quite a few units a month. I would also be curious if anyone else on these forums has any real life investing with Dan Reedy and or has experienced his property management service.

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y

    @Brian H.

    Our group is based in Kansas City and were involved in numerous transactions in 2013. I don't know Dan Reedy personally but had a look at the website and the deals offered are decently priced and not over the top.

    I don't know the quality of rehab but assuming they are complete overhauls and not just lipstick the numbers are good. Also, the key is to have great management in place otherwise rent wont be collected and money will be lost.

    This deal caught my eye the most:

    REHABBED AND OCCUPIED $24,500
    2441 E.67TH TERR
    KANSAS CITY, MO

    Just my 2 cents

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  • Brian H.
    OP
    Rental Property Investor · Huntsville, UT · Member since 2012 · 127 posts · 35 votes
    12y

    @Account Closed No real concrete reason. When I spoke with Dan he was in some sort of transition period with the property management firm he was working with, that I believe his wife ran. He seemed a little unorganized at the time. This was more than 1 year ago so if anyone is interested in his services I would recommend setting up a conference call with him. I ended up investing out of state but closer to home in Idaho.

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y
    Originally posted by @Brian H.:
    @Account Closed No real concrete reason. When I spoke with Dan he was in some sort of transition period with the property management firm he was working with, that I believe his wife ran. He seemed a little unorganized at the time. This was more than 1 year ago so if anyone is interested in his services I would recommend setting up a conference call with him. I ended up investing out of state but closer to home in Idaho.

    Hi Brian,

    How do numbers on the deal you bought compare to the properties offered in Kansas City.

    Thanks

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    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    engelo its jay is my post working on this site...My first one

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    JLH Capital Partners51 Review
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    1Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y

    @Jay Hinrichs

    Hey Jay,

    It sure is.

    Great to see you on here mate haha

    I think that Bigger Pockets has just gained one of the most knowledgeable real estate professionals.

    Have a great day.

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    Oz Realty4.5369 Reviews
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    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    Well since I have been spreading the gospel in AU for a few years thought I would see what's going on in my own back yard.

    I really want to expand my JV financing with some young and up and comers like yourself. those that need an experienced money partner that won't jerk them around. and you know me tell it like it is

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    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y

    haha

    Sounds good and I was surprised that your were not on BP sooner.

    Always happy to talk shop and maybe fly out one day on a Cessna to see you and have lunch haha

    Thanks

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    0Reply
  • Tyler Caruso
    Rental Property Investor · San Marcos, CA · Member since 2014 · 58 posts · 29 votes
    12y

    Hi bp, this is my first post so hi all.

    I have purchased 5 properties from Dan Reedy. Overall it was a good experience. I stayed away from his city properties and have focused in the surrounding cities (Raytown and Independence) which were priced higher and had lower returns but aren't "ghetto" demographics. My only complaint was the rehab took longer than he originally said it would take and there a few minor repairs that I had to take care of after the fact. He said it was because he didn't have enough workers. The properties were all vacant, but the property manager he has lined up rented all of them within a month. Overall, I would recommend him because he finds great properties at great prices.

    0Reply
  • Laura Williams
    Kansas City MO · Member since 2014 · 357 posts · 349 votes
    12y

    Welcome and thanks for posting about your experience @tylercaruso. If you don't mind me asking how much have you budgeted towards expenses and maintenance on your homes? I know some of the homes Dan has are on the older side. Just curious to get a feel of what to budget for that so I can figure out a roundabout cashflow. I'm also interested in purchasing in the exact areas you bought in through Dan. Has the property mngt been good for you? Did you set up a LLC ? Sorry for all the questions :) Any info would be helpful. I would PM you but new on here too and haven't figured out how to do that yet.

    0Reply
  • Tyler Caruso
    Rental Property Investor · San Marcos, CA · Member since 2014 · 58 posts · 29 votes
    12y

    I personally budget 10% of collected rents towards maintenence. Most of these turn key sites suggest 5%, but for me I am more conservative. The property management is very good. The tenants have been good so far and they are very attentive to any questions concerns I have. I have an LLC for my investment properties.

    0Reply
  • Joe Smith
    La Crescenta, CA · Member since 2014 · 8 posts · 1 vote
    12y

    Hi Guys,

    I'm looking in KC also. Had an email conversation with D.R. Properties sounded interesting except he said they A/B neighborhoods. All houses were built in the 50s and under 1000sf. I still may do something, but I'm wondering what is a C neighborhood in KC.

    0Reply
  • Tyler Caruso
    Rental Property Investor · San Marcos, CA · Member since 2014 · 58 posts · 29 votes
    12y

    Hey Joe,

    I think his grading scale is a little skewed. I have only bought "A" properties from him and haven't had any major issues so far. If you want to PM me your email address I can send you some pictures of the work he has done which I have been happy with and give you specific returns I am getting.

    0Reply
  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    12y

    @Laura Williams,

    To send a pm, you have to be a "colleague." To do that, click on the word "connect" below anyone's picture. You will see: "send colleague request." Click on that and follow the Instructions.

    Also,

    To make the @ work, do the following:

    Hold down the shift key and type @?

    Look below this Window, and you will see a list of names of people that have posted in this thread.

    Click on the name of the person that you want notified via an email, that you responded to them.

    If you are a Colleague with anyone that has NOT posted in the thread, and you want them to see your post, hold down the shift key, type the @ and the first 4 letters of their First or Last Name.

    Then look below this Window and click on that person's name.

    Raymond

    0Reply
  • Laura Williams
    Kansas City MO · Member since 2014 · 357 posts · 349 votes
    12y

    @Raymond B.

    Thank you for the info. I appreciate it. I didn't know that :)

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y

    Its always good to overestimate expenses and underestimate income.

    Normally investors will take 10% off the bottom line for maintenance and vacancy.

    I have also heard of others only doing 3% off but I believe they self manage and do the maintenance themselves.

    Thanks

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    0Reply
  • Laura Williams
    Kansas City MO · Member since 2014 · 357 posts · 349 votes
    12y

    @Engelo Rumora

    Thanks Engelo! I have only ever owned apartments so houses is new for me. Always heard they were a pain and lots of upkeep but trying to figure how that effects the return. 10% seems to be the number to set aside for vacancies and repairs ( or 15% for less recently renovated ) so thanks for confirming that.

    If you don't mind me asking I noticed you own a few properties in Kansas City. Do you know of any banks there that offer good terms for a blanket mortgage (think that's the correct term). I found this place online wwww.commercialloanprovider.com but would like to find a place someone has used before and could recommend at least as an option that finances in Kansas City.

    I'm pretty sure I will buy soon there in Kansas so any advice or recommendations (building inspectors, lawyers for forming LLC, etc. ) would be greatly appreciated as you seem to know the market there :)

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    12y
    Originally posted by @Laura Williams:
    @Engelo Rumora

    Thanks Engelo! I have only ever owned apartments so houses is new for me. Always heard they were a pain and lots of upkeep but trying to figure how that effects the return. 10% seems to be the number to set aside for vacancies and repairs ( or 15% for less recently renovated ) so thanks for confirming that.

    If you don't mind me asking I noticed you own a few properties in Kansas City. Do you know of any banks there that offer good terms for a blanket mortgage (think that's the correct term). I found this place online wwww.commercialloanprovider.com but would like to find a place someone has used before and could recommend at least as an option that finances in Kansas City.

    I'm pretty sure I will buy soon there in Kansas so any advice or recommendations (building inspectors, lawyers for forming LLC, etc. ) would be greatly appreciated as you seem to know the market there :)

    Hi Laura,

    Thanks for post. To be honest with you I do no know of any banks that do blanket loans. Being Australian myself I do not have the luxury of getting financed by a bank :(

    I have to use other finance options if I wish to do so.

    We have some amazing contacts on the ground here and would be happy to point you in the right direction.

    Feel free to send a colleague request :)

    Have a great day.

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    Oz Realty4.5369 Reviews
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    0Reply
  • Account Closed
    Real Estate Investor · Kansas City, MO · Member since 2012 · 85 posts · 19 votes
    12y

    Dan stuff is solid, just very retail. I wouldn't buy from him though :)

    0Reply
  • Account Closed
    Logistician · Member since 2012 · 58 posts · 17 votes
    11y

    @Laura Williams

     I wondering if you bought properties in Kansas - I am also looking into the area as an out of state investor.

    0Reply
  • Laura Williams
    Kansas City MO · Member since 2014 · 357 posts · 349 votes
    11y

    @Account Closed for broker/rehab/property manager and have been very happy with him. Feel free to PM with any questions 

    1Reply
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