All Forum Posts by: Jim Genis

@Christopher R., I applaud your initiative and wanting to do more with BRRR. If time is on your side, it's a great wealth-building proposition. As Robert Kiyosaki points out in Rich Dad, Poor Dad, assets put money in your pocket. Properties like yours in Olathe fit the bill!

Good luck!

@Jessica Askew, welcome! I'm also in Olathe and a KS/MO agent. I've been investing for 10 years. Perhaps we can grab coffee sometime to see how we might help each other? My contact info is in my profile.

Jim

@Snehann Kapnadak, I have a mix of Section 8 and non-Section 8. The advantages you call out are true, however there are a few downsides too:

• Rents may be below market. Getting rent increases can be a challenge.
• Quality of tenants can be sub-standard. Yes, they don't want to lose their vouchers, but different people have different standards for what it means to "take care of a property." I find my turnaround costs are higher than with non-Section 8.
• Inefficiency -- you correctly call this out, but it's a real hassle if you need to get something done. Managing inspections, getting work done, filing the paperwork, etc. is no small task.

I do use a professional property manager but it still requires more work on my end to stay on top of things.

In summary: Section 8 is a set of pros and cons, like most choices. In any strategy, as long as you understand both the upsides and downsides, you can be successful with it.

Best of luck!

Jim

@Chris Dawson, great info. You're always generous in what you share. And spot on.

@Brian Valet, I have a lender for you who has a long track record, competitive rates, and a very efficient process. Send me an email [email protected] and I'll introduce you.

OFF-MARKET 61-UNIT APARTMENTS IN KANSAS CITY METRO

• $2.75M
• Class B asset in Class B neighborhood
• 61 units, all 2 bedroom
• Average rent = $610/mo
• 8.4% cap rate
• 90% occupied
• Riverside, MO just north of downtown Kansas City
• Upside potential if interiors are upgraded (granite, fixtures, cabinets)

This apartment complex is being sold by an experienced property company who bought it nearly vacant, rehabbed it (new windows, roofs, exterior work), and stabilized it. Interiors are dated; additional value-add upside is possible by upgrading interiors one at a time.

This is an excellent opportunity for a 1031 exchange or investor looking for stable income, or a buyer with value-add experience. Gradual upgrades over time can yield additional returns. Property is currently managed internally; buyer will need to provide professional property management.

Property is being sold off-market before being offered to the public. All potential buyers must demonstrate proof of ability to close: pre-approval, proof of funds, or proven experience in similar deals. Buyers will complete a Confidentiality/Non-Circumvent Agreement, pre-screening interview, and references will be checked before property data is shared.

OFF-MARKET DUPLEX-FOURPLEX PORTFOLIO IN KANSAS CITY METRO

• $5.4M portfolio of duplexes and fourplexes
• 70 doors
• All built 1997 or later and in top condition
• 95% occupied
• Average rents = $815/door
• Professionally managed
• 9.2% cap rate
• All from one private investor
• Not co-located; properties spread in Missouri/KC metro in Class B neighborhoods.

This portfolio has been carefully compiled by an investor over a 6-year period. Most were bought in foreclosure and completely rehabbed and stabilized. This portfolio is being offered before it hits the MLS at a higher price. As such, any potential buyers should be prepared to pay the off-market price. Seller financing is not available.

This is a great opportunity for a 1031 exchange or an out-of-state investor who is looking for stable, no-hassle income. We can provide an experienced property manager who is knowledgeable about the portfolio and highly qualified to manage it.

All potential buyers must demonstrate proof of ability to close: pre-approval, proof of funds, or proven experience with similar deals. References will be checked. Potential buyers will be pre-screened and must sign a Confidentiality/Non-Circumvent Agreement before property data is shared.

@Shane H., I run into similar situations often. The cosmetic work to command top dollar is often overkill. You need to be extremely selective about what work you do to get a decent return.

I am a realtor with experience in these types of deals, so if they'd like to take a look at another realtor, I'm happy to meet with them. I can advise them on how to improve sellability while minimizing costs.

Jim

Brian,

I share a lot in common with you: Lived in CA; moved to KC; close friends who are Marines; strong desire to be financially free via real estate.

I now live in Olathe KS, right next to Overland Park. 

I'm currently doing real estate full time, a HUGE jump from my previous day jobs. I'm not sure I can be a full-time mentor, but I'm happy to meet with you and share ideas. Plus I can help you find a place to live.

Please let me know if you'd like to chat on the phone or in person (if you're already in KC). Then let's connect.

Jim

Welcome @Conner Sweet. I'm in Olathe also. I tip my hat to you for developing your knowledge so early. There's no reason you shouldn't be able to retire by age 40 as long as you make some fundamental early decisions that will set you on the right path. The forums here are a great start. Read as many books as you can... you can find a recommended reading list on BP as well.

Best of luck!