All Forum Posts by: David Rodick

Who do you know who is interested in a gutted rehab project in Kansas City?

4 bed 2 bath ARV is ~$200k

Estimating ~$1600/mo rent for 4/2

Asking $65k obo

Good structure gutted to the studs-- no surprises lurking in here. New roof, gutters, siding, 200 amp panel, and pex. Drain lines have been replaced with PVC & ABS. Has garage. Currently 3 bed 1 bath, easy to make 4 bed 2 bath with open attic space including right over existing bathroom. Rapidly developing area: 5-10 new construction homes going up within 1/2 mile.

Photos: http://bit.ly/40FkUrn

3816 Park Ave, Kansas City, MO 64109

I am the listing agent with 1st Class Realty

@Alex Olson

I'm also curious how LTR scale faster than STR.

@Addison Robertson As far as property value or rent that should only help. If you were to sell or refi equity out and the only comps within a quarter mile are new builds, that should help your value a lot. Every area and appraiser is a little different, and they'll try to adjust the comps to compensate, but it'll still likely work in your favor. This is based on being a real estate agent in Kansas City.

It is tough to find investor-minded real estate agents who not only have expert knowledge of the local areas and markets but who understand real estate investing terms and strategies. Whether you want to rehab, hold, or both, let's talk over your options and how I will bring value to your process with:

• 30+ years of residency in the area
• Listening to and understanding your goals and situation
• Help strategizing, finding, and maximizing outcomes on your next deal
• Vast network of local professionals to meet your needs
• Being responsive and consistently communicating with you

I'd love to hear your story. How can I help you find your next successful investment?

***Edit: EVENT IS AT 6PM-8PM. PLEASE COME DURING THESE TIMES. ***

(The times changed when I added the time zone and it won't let me edit the event!)


All investors and investor services are welcome to attend a free, unofficial Bigger Pockets meetup. Anyone doing business in the KC Metro is invited. Come network, exchange value, and build relationships! 

Note 1: KCMO currently has a mask mandate, so bring yours! You may take it off once at your table while eating and drinking or if on the outdoor patios.

Note 2: Happy hour ends at 6 if you want to get there a little early to load up!

To RSVP: https://fb.me/e/1E2AADuW7

For others seeking an answer:

After a chain of phone calls I eventually called the MLS itself (the prime authority on such matters) and it is perfectly acceptable for an agent to have a discrete MLS login for an unlicensed assistant. How this partnership might develop and operate outside of conventional means is a gray area.

I would like to ask a real estate agent for the opportunity to be their unlicensed real estate agent's assistant to gain access to the MLS.
The main motivation to use the MLS for comps while wholesaling.

Is it legal to pay a real-estate agent for this privilege, either with a percentage of wholesale profits or with a flat rate? If not, what reasonable services might I offer instead?

Thank you in advance.

@David M.

Your answer was clear, thorough, and extremely helpful. Much appreciated.

The LLC expansion advice about separating short/long or keeping low assets makes a lot of sense.

Thanks for clarifying that I only need merchant services for accepting credit card payments (unlikely and as you said likely unwise due to potential charge disputes). Pointing out that I don't need to use the same bank for a bank account and credit card is also helpful.

As for your financing question, yes, I will do financing when I start flipping or maybe an early buy and hold, especially earlier on until I build a sufficient cash reserve to pay for flips with cash. To be honest, I'm not sure how much benefit a small bank has compared to hard money or traditional lenders. I've just heard they can be more flexible with terms and requirements and move quicker toward closing than traditional banks. In addition, I plan to market for REO properties among other things and I've heard smaller banks can be easier to work with on these and expect I may have a slight edge with a bank if I've already started a relationship with them.

And your point on interest rates is well-taken-- they don't matter. :)

Thanks again. If you have any other feedback, I'm all ears.

@David M.

Thanks for your helpful reply.

I do have an LLC and I will start exclusively with wholesaling and will gradually branch out into flipping and eventually syndicating. Perhaps you are right about forming separate entities; I suppose I would be trading security for simplicity, though. And, yes, it does seem wise to begin building a relationship with a small band sooner rather than later.

Your point about merchant services is also a good one, so let me ask the community: Do I need a merchant services account or a processing company at all during the wholesale/flipping process? If so, what are their pros/cons?

Thank you so much.

I'm about to open my first business accounts for general real estate investing (wholesaling, flipping, buy and hold, private investing). What are important factors to consider when comparing my options (especially that I'm not thinking of)?

Some I thought of so far:

1. Small banks to build relationships 
2. Rewards cards/packages
3. Interest rates
4. Merchant Services Account Rates (or should I use a payment processing company?)

Thank you all in advance! :)