All Forum Posts by: Dan Krupa

@Mike Reynolds, great call. My wife and I discussed that. We simply wanted to add two bedrooms up there. We will float that idea. Thanks again so much.

@Account Closed, love the input. Thank you. Would you expound upon why you would prefer that? 

Great advice. Thanks again Mike.  I forgot to mention the roof needs a complete tear down/replacement. I understand expanding up is still a pain but is it more practical in that case? From what we have discussed, and I know, it sounds like expanding out is a better call then up. 

@Mike Reynolds

Thanks @Mike Reynolds.  

I know they might not permit an extra story but are there issues typically expanding the size of the property? My wife use to manage builds for a large regional builder in NY. She stated that in that area sometimes permits were denied for expanding the size from a 3/2 to a 4/2 because the infrastructure/sewage couldn't handle the additional people in the house. Have you heard of that? (simply curious) 

Looking for some advice on a potential flip. Here are the nuts and bolts first off: A deal I am debating has a great plot of land. The plot is large, which is rare in this area - 4 acres, and the school district is great. The house itself has some serious issues. It is 960 sqft, 3/1, with an unfinished basement and attached one car garage. The bones of the house are great and there is a roughed in bathroom in the basement.(easy upgrade to a 3/2) That being said the bedrooms are small and the block foundation is separating.  You can see outside through large cracks and the only portion of the basement that is below ground is potentially caving in. 

(Tomorrow a foundation specialist is coming out to look at the foundation to determine if it is salvageable and if so what the repair cost would be.)  If I keep the blue print of the house I could flip it for a modest sum. However, if I were to expand the property from 960 sqft to 3,000 sqft the profit on the flip would be 5 to 8x if I didn't expand it, based on comps. 

Question 1. If the foundation is salvageable should I keep the house and try to expand upon the existing structure? I would like to expand the house horizontally and vertically. (Is adding a third floor prohibitively expensive?)  For an expansion vertically I am worried about the foundation supporting additional weight. I understand this would be a long process of permits, a structural engineer evaluating the house and drafting blue prints, etc...

Question 2. If the foundation can be saved but can't handle additional weight should I raze the house or try to expand the property horizontally?     

Any insights or thoughts would be greatly appreciated? I apologize in advance for not giving more details but this is turning into a novel. 

@Account Closed, you can check on meetup.com for REIA meetings. However, most of the meetings won't meet again until Jan 2017. Best advice is to watch the forums. Who is contributing? Why are they contributing? You should have an area, a zip code or two, where you want to invest. KC spans a vast territory in both KS and MO. Which KC are you referring to? The states have differing laws and regulations. Additionally, within each respective state the city portion has different regions with differing costs and opportunities. Research, research, research. Pick a farm area. Study. Ask questions. Watch and learn. I know you want to act now but knowledge is power and in turn money. You stated your parents live here. My recommendation would be to invest close to them. Especially if they are willing to do some boots on ground work for you. Best of luck to you and your new endeavor!

The Northland group can be found on meetup.com     Enter in the search as "real estate investing Northland." 

Link is below:

https://www.meetup.com/Kansas-City-Northland-Real-Estate-Networking-Meetup/

@Kerry Mertz, meant to tag you in my first message. Please see above. 

Kerry, sorry to hear that your first turn key purchase didn't go as hoped. Would you mind PMing me which Turn Key provider you used?(Simple curious) 

Liberty, MO is a great area to invest in now. @Jonathan Schneider is a realtor you can reach out to. You said SFR, does that include any multis? Looking for a standard 3/2?

Welcome @Mary LaCroix

@Laura H. lets make it official - welcome Laura! Love the back story.