All Forum Posts by: Jim Genis

@Tiffany H., great idea to invest in KC since you get a major bang for your buck here.... I started my investing career while I was living in San Diego, invested outside of CA, and now I'm focused exclusively on KC.

HOWEVER... you may want to be more specific about what exactly you're looking for. "Investing" in KC can mean many different things and being a remote investor has its own challenges. For example, I see you're a wholesaler; if you want to wholesale in KC (or flip, for that matter), you definitely need boots on the ground here to make it work.

There are some really good threads in here on KC neighborhoods. You might want to search a few of those. And of course the BP forums and podcasts have tons of info on remote investing. It can definitely work if you do it right.

Let me know if you'd like to chat on the phone. We can bounce around some thoughts and I can refer you to people who may be able to help you. Just connect with me and I'm happy to help!

@James EuDaly, welcome to BP! 

One thought off the top of my head: Your day job is extremely valuable as you get into RE investing. It looks great to a lender -- bank, hard money, or private -- if you decide to pursue financing of any kind.

While I know many people dream of dropping their day job to do RE investing full-time, I'd encourage you to leverage the credibility of your day job as you start to build cash flow and wealth. Search the BP forums for blogs and podcasts on this topic. Then build your own plan that's best for you.

Best of luck in the future!

@Tom Rychlewski, welcome to BP!

You can connect with me and I'll send you the info on my accountant. He's professional, honest, reasonably priced and is a RE investor himself. He handles the books for several RE investors as well, including me.

Talk to you soon!

@Nick Noon, congrats on making your first move. Action trumps dreaming any day!

My thought: If you're considering investing in KC, especially for flips, you'll need an absolute killer team on the ground in KC. Managing a flip long-distance would be extremely difficult unless you work with a reputable partner. I'd recommend you take up @Jason Hawk on his offer to talk it through.

Second thought: Financing may be a challenge given your DTI and girlfriend's lack of W-2 history. Note also that self-employment income (if she's the owner) is scrutinized more carefully than corporate W-2 income, so be prepared for tighter requirements from lenders. You might want to consider private lenders to finance your flips; check out the blogs and podcasts about private lending to learn how to do it.

All that said, I commend you on the decision to begin an investing career in real estate. It can be a crazy ride, but the rewards can be huge. Good luck!

@Austin Muck, if you search previous posts here on BP you'll find investor-friendly agents here in KC. I'd suggest you reach out to them, pick the best one, and they can help you think through your goals, risk tolerance, and preferences. That will allow you to narrow down your criteria and target neighborhoods. 

There's nothing like a real conversation to build your success faster! A great agent is worth their weight in gold.

@Dan G., welcome to real estate investing!

re: Kansas City, most people don't know it's really just one metro area... just happens to be divided down the middle by the state line. There are plenty of good deals on both sides of the state line, although many investors prefer the Missouri side.

I'd suggest you connect with @Jason Hawk,or @Karen Barber to start. They have turnkey companies who serve investors, including out of state. You can also search BP for investor-friendly agents in KC to help you narrow down.

Note: It's ideal for the folks above if you're pre-approved and ready to buy; you'll get their full attention if you do so. Everyone here on BP is willing to help, but being ready to buy means you'll get priority service.

Good luck on your investing career!

Jim

@Shelley L., welcome to BP and congratulations on the decision to invest in real estate. Given what you're already doing, you're well on your way to building a successful future.

I'm in KC now, having moved here from San Diego. It's an incredible market for buy-and-holds. Let me know if you'd like to spend 15 mins on the phone to swap information. PM me if interested and I'm happy to do so.

Jim

@Cliff Harrison, who is the lender you work with to provide 80% financing with no seasoning? I'm familiar with a couple of lenders who do similar but always appreciate knowing more. 

Send me a PM if you feel that's more appropriate.

Thanks.

We're a growing real estate investor group looking to dramatically increase our deal flow in Kansas City. Our primary focus is SFRs to rehab and flip; we will also consider buy-and-hold deals. Our criteria:

• Single family homes up to four-plexes
• At least 3 bedrooms
• At least 1,000 sq.ft.
• ARV $90,000-$300,000
• Rehab from light to medium-heavy; foundation problems, mold, water/fire damage all OK
• Good school districts preferred
• Not on a busy street
• Johnson County preferred but not required
• No “war zones”
• Must have clean title

Deals outside this criteria will be considered on a case-by-case basis; it all comes down to the numbers. 

We have multiple pre-approved financing sources, rehab crews, realtors, and property managers all in place. If the deal passes our criteria and we commit to it, we provide high confidence in a close.

If you are a serious wholesaler and know how to fully estimate alldeal costs, then we'd be interested in speaking with you and seeing your deals.

@Jake Ford, welcome to BP!

BP has an option to search for other BPers in your area. This is a quick way to find folks in Columbia. I'm pretty sure there's a meet-up in your area as well. Your quickest way to get traction is to connect with locals and meet them face to face. Find a mentor, partner, or client (buyer) who you can work for. 

I'd recommend finding a specific client who wants to buy in your area. Get their criteria and go on the hunt. Other wholesalers can help you with how to find deals. Contact @Rebecca Knox and she'll give you advice. If you're targeted in your search and deal-finding methods, you can get your first deal without a heavy expense. 

On that same note, I'd recommend you let the deals lead your spending, rather than the other way around. In other words, work your butt off to land the first deal with "sweat equity" and little expense; when you get your first profit, then you can start spending. More deals = more revenue = more investment in marketing. In this way, you always preserve positive cash flow and keep yourself from going broke. And you learn the craft along the way.

Best of luck!

Jim