All Forum Posts by: Pete M.

@Steven May @Matt Minnick  Will PM both of you.

Any others interested?  Can't guarantee anything, but want to fill up my calendar while I'm out there.

Thanks.

Hi all,

Will be in KCMO to visit from 29-Jan to 31-Jan (short trip); first trip out to meet with the team, visit some on-going rehabs & pending purchases, and see the city firsthand.  Have things lined up for much of the time already, but figured I'd see if any other investors/agents/GCs/wholesalers/etc are interested in a quick coffee meeting while I'm out there.  May have some time Wed (29th) evening, or Fri (31st) morning, but agenda is still a bit fluid.  Love to talk RE, always want to grow my contacts where I invest, happy to share my knowledge, and want to maximize my value from every visit!

As a quick "about me": Work full-time in tech sales in Seattle, and a licensed RE broker in WA. Currently own 8 single-family rentals (mostly Sec 8) in Oklahoma City, all BRRRRs. First SFR BRRRR in rehab now in KCMO, with second property set to close in early Feb, targeted to use as an AirBnB. Lived in STL previously for 9 years, but sad to say I never made it to KC during that time! And my in-laws are huge Chiefs fans. :P

Thanks.

@Marcus Jernigan I typically use the team under Susan Mitts at Old Republic.  Their fees are lower than many others, and they work with plenty of investors.  Can't speak to whether or not they've worked with wholesalers, but I imagine they have.

@Wesley Childers Welcome to BP, Wesley.

Educating yourself is the best start, which you're doing.  Browse the BP forums, read various books, and listen to podcasts for a while to get a sense for the opportunities you will want to pursue.  Your answers around budgeting (including taxes) are best answered through those sources, honestly.  There are a lot of ways to make (and lose) money in real estate, so pick a focus and start with that.  For example, do you want to focus on cash-flowing rentals to pay your monthly bills now, or pick up long-term wealth-generating properties (like high appreciation) that may not pay out much monthly?  How much capital do you have to get started?  What's the radius around you that you'd consider investing in?  We can't answer these for you, obviously.

Considering out of state investing (which I do), I'd recommend David Greene's book on long-distance real estate investing as a primer.  You'll need to find a market with properties to match your strategy, but more importantly, a trustworthy and capable team (agent, PM, contractors, etc) in that market.  They are your hands, eyes, ears--all of it, really--on the ground, and will make or break you.  I personally invest in OKC and now Kansas City, while living near Seattle; the market up here doesn't make sense for my personal strategy of building recurring cash-flow.  After we've achieved financial independence, we'll likely switch gears and focus on building long-term wealth, which will likely mean different markets and different property types/strategies.

Good luck.

@Matt K. Thanks, message sent!

@Tim S. Thanks, appreciate the recommendation!

Still curious to any insight others have on property tax adjustments after sales, and PM recommendations.

Thanks!

All,

I've put together (most of) a team to start BRRRRing with in KCMO, but I'm still hunting for a good insurance agent (or insurance broker).  I saw a prior thread in this sub-forum for National Real Estate Insurance Group; any others (or feedback on NREIG)?

Also, related to taxes; I can fairly easily see the current taxes on the property, but I'm curious to know what other investors see for tax adjustments after purchase and rehab of properties.  Does MO tend to adjust prices at sale, or at some other point?  Any insight is appreciated.

Finally, I have a PM lined up, but I've learned from prior investments in other markets that it's always good to have a second option ready and available.  Once again, any recommendations are appreciated.

Thanks in advance.

@Nico Murillo

I'm using a local CPA for our tax planning and prep.  Just make sure the one you select is familiar with the intricacies of owning real estate.

For bookkeeping, I'm just using Stessa.com since our portfolio is still manageable.  Eventually will look to hand off to a professional firm as it grows (and can support the margin loss to having to pay for a bookkeeper).

All,

Anybody have a recommendation for a PM that works in Ellensburg?  Looking for a buyer now for an 18-unit out there, but would like to get the opinion of a couple PMs for both the area, property (if they know it), and rates.

Thanks!

@Zac Celli  Can't help you with the lawyer, but I've used Susan Mitts with Old Republic Title on Greenbriar Place for several properties, and they've always been quick and helpful.

Thanks.

@Will Fraser "Poo aught not woo."

Love it, lol!  Totally stealing that for the future...