All Forum Posts by: Jake Riordan

There are certainly possibilities to be had still in KC, but competition is solid as well.  For example - I found a good cash flowing 4 plex in a C area over the weekend & had multiple offers WELL over list on the 1st day.  

I'm happy to set you up on an auto MLS search if you like so you'll at least be notified asap when good ones pop up.

Best of luck!

Jake Riordan

RE Broker KS & MO, Investor

eXp Realty

Welcome to BP Jon!  Let's connect sometime soon.  MAREI meetings are also a great place to start.

Jake Riordan

RE Broker KS & MO, Investor

eXp Realty

Just make sure the deal is good & comps check out. I find that sometimes (not always), the prices are a bit high. If you have an agent, have them do it, if not, I can send you over a few, just send me the address (I'm an agent in KC).

Maybe try to get a family member to loan you the money without giving up equity.  I just don't like giving up equity unless absolutely necessary.  Maybe see if owner is up for 10% financing.  

I also use Bank of the West in KC & they have a 10/30 & a 15 year fixed, but not sure that helps you any. Personally, I would finance it myself as much as possible & then very aggressively pay down the Heloc/401k.  

Maybe use a personal loan from a bank or family/friend to pay for some of the rehab, since then you don't have to deal with them on the loan.

Hey Rick. Sometimes you just need to be patient as well. I've bought all of my MFs off MLS so far, but there aren't a ton of really good ones. I'm an agent as well & also am on a bunch of wholesaler lists & Luther is right. I just don't want to go the direct mail route personally. Let me know if you would like an auto mls search set up so you can at least pounce on the good ones.

You might also be open to areas like KCK that CF pretty well, plenty of good PMs around town.  Best of luck!

I'm just in KC, but I believe Mike D'Arrigo does both & he's active on BP.

I'm a local investor/broker & I'd be happy to chat.  Let me know.

I'm in KC & prefer the C multifams since they CF the best from what I've seen & experienced.  If you prefer Indy, then by all means stick with that as getting too many places to invest in can be a bit much.  Better to start out with 1 market & be the expert there & then slowly build knowledge...  Downtown KC is pretty central & has lots going for it - streetcar, lots of people moving there, arts, etc.  As a single investor, not sure I'd invest there though as it can be pricey.  You are somewhat right as you have to somewhat pick & choose areas going out from DT.  

Not sure you're in the right spot for B neighborhoods. As the areas you're talking about are probably more C ish. If you want SFs, then Raytown, KCK, Grandview & others are good spots, although not necessarily 'cool' areas. If you want to be in KC, I'd find a few areas you want to be in & then find the best house in that area that meets your criteria. Just using the turnkey companies limits you to their stock. I'm happy to set you up on an auto MLS search if you like & can fill you in further as to different areas.

I prefer the ones that need a little bit of work as you can often get a better deal, but if you're going to get a loan - usually 25% down, you can actually end up spending more actual cash this way.  25% down, plus some rehab instead of 25% down with no rehab, but a higher PP.  Just depends on the specific deal.  Give me a shout if you want to discuss.

I use M&M Property Pros on the MO side of KC & Option RE on the KS side.  Both have done a good job for me.