All Forum Posts by: Andrew R.

I got a few referrals and vetted with a turnkey prop provider and local rehabber, then had phone conversations with the top choice (A1), liked what I heard. 

Thanks in advance for any opinions on this deal: Single fam home in Kansas City, MO (outer residential neighborhood). 3 bed/2 bath, 1960s construction but recently rehabbed as a turnkey property. 

105K, rents for 1150/month.  Financed with 30 yr-fixed mortgage at about 4.5%, with 20% down payment.  I have a quote for a 7% prop mgmt fee from a reputable company. I estimate 1500 in taxes and 600 insurance per year, based on comps. 

Opinions? Thank you. 

Hi, looking at my first SFR rental, out of state in Kansas City, MO. The house is approx 100K for 3bed/2bath, built in 1960 but rehabbed.

Got an insurance quote for $1300/year. (It sounds high). It covers 250K replacement, 300K liability, 46K loss-of-use, with a 1000 deductible. 

The fee sounds high.  But I'm new to this. Any ideas on what level of coverage I should get and what reasonable fees would be, greatly appreciated. Thanks all!

Thank you everyone for your input and replies.  Keep em coming! I'm getting the impression that making a lower offer is not necessarily standard practice for Turnkeys, but that I could make a lower offer if I had good justification for why I thought the sticker price is too high.   That's different from the strategy when I bought my personal residence, where making a low offer was a normal part of the buying process.  Thanks!

Hi, looking for reviews/endorsements for Tim Stauffer properties in the KCMO area.  Thanks kindly.

Hi, I'm looking at Single Fam rental houses in the Raytown area.  Do any BP members have comments on Raytown property?  Some of the houses are north/east of 350 and other houses are southwest of 350; one house is right on the railroad tracks.   Any input on Raytown neighborhoods or significant features of this town are appreciated, thanks!

I'm looking to buy my first rental house, from a turnkey provider since I'm a beginner and out of state. Turnkey providers have prices listed for each property, is it common practice to make an offer below the asking price (and then negotiate counter offers), like I might normally do with an MLS listing? It that normal/acceptable? Or is that not part of the Turnkey culture? Thanks all

Hi, I am comparing single family home rentals in a few cities (Houston, Kansas City, maybe Memphis) for my first rental house.  Researching revenue and costs for pro-forma sheets....finding property tax and insurance are much higher in Houston than other cities--is my information good? Is this normal, and if so, how do you keep it from killing your cash flow, as compared to other cities? Thanks!

Hi, I'm in California, looking at Texas or Indiana for a SFH rental house. I will finance w/ a conventional mortgage. Is there any advantage to using a mortgage lender here in Calfornia vs using one in Texas (or where ever the house is located?). I've savvy to do deals over the phone and online. But are there other differences in products and rates across states? Thanks.

Thanks everyone, esp Chris M for your honest opinion. I'll look into the options and post back when I get some quotes.