All Forum Posts by: Karen Barber

Lawrence is a college area so your rental will most likely be vacant 2 mos out of the year...you will need to recoup that income somehow. I was out there this weekend & a lot of the properties I saw were much older & needed constant repairs. Most people will be driving to either Olathe, Overland Park, even Kansas City for jobs so rentals for families may not be as attractive as renting closer to a large city where their jobs are. I do wish you well in your search & hope to see how you're doing should you invest in Lawrence.

What area are you looking at? Also you said you were looking on MLS. Perhaps you should look for a Turn-Key Provider, they usually do not list on the MLS & sell slightly less.

Being a TK Provider I first would like to suggest you reach out to that company. Ask them specifically why their city is a good opportunity & ask them for solid data proving it....after all as my grandma would say, the proof is in the pudding. Remember, this is an investment & the houses you purchase may not be a house you wish to live in. I own 2 houses, one in KC in a nice neighborhood, middle class boring area but the rental I own is a 2/1 much older & smaller house. Saying this, your probably investing for cash flow, the roi is what is & will be the driving force. You will need a good PM, ask who the TK Provider uses, talk to them because they will be your best friend in the area. Also, ask what was rehabbed, we have set guidelines for all our houses so your not stuck with repairs. If you can visit the city & see the houses, someone from the TK or PM will make arrangements to show you the houses. Take your time to invest. Do your research, go to the county websites, the city's websites, check flood zones, this is YOUR investment. Feel free to reach out to me if you have questions. Education is key!

If your trying to build a portfolio refi is a good option, however, as previously stated you will need seasoning. One hint, always make sure the dal works & makes sense:)

If you are wanting to build a portfolio appreciation is a bonus. You might try purchasing outside your area to make better net yields. It maybe a little scary since you most likely will need a PM Firm (which in my opinion you should use because I would buy into every sob story why rent is late). But I'm a bottom line person, if I could own 3 houses in KC making 13-14% net yield or 1 TX house at 9%, I'm leaning towards KC. Good luck in your decision. This is a great sight to get a lot of information.

I'd like to talk with you. 

 A 1031 exchange is a great tool for re-investing. Remember most exchanges will require you  to create debt as well.  

One thing you might do is use your 1031 as a deposit on property on a loan, then after the properties season, refinance & reinvest to build a larger portfolio.

Out of state investments though may sound really hard but it is quite simple  Work with a good Turn-Key Provider & ask them to help you get set up with a property management firm.  We have many folks from all over the US & from foreign countries invest in MO.

In my opinion, I would be looking for people in the area you are purchasing a house in.  Ask questions to others in that area who they use.  Ask for references, pictures of their work, if they are insured...google search them.

May I ask why you want to do the rehab rather than invest in a turn-key cash flow property?  

Hi!  I work for a small company that is growing.  The inventory we have is continuing to sell, which is a good thing.  We are re-investing all profits back into the company to purchase more houses & we do have a couple of lines of credit.  However, like all companies, we are looking for a lending institution that might be willing to work with us for a very long time, who moves quickly & who we can develop an on-going relationship with.  If you are a lending institution would you please contact me?

Thank you so much & I hope you have a very Happy New Year!

I like Statement of Works (SOW), what it is an excel spreadsheet that I can alter, it has living room, kitchen, dining, bedroom 1, 2, 3, bath 1, 2 etc.  In each room there is a row that has flooring, paint, tile work, bathroom lists fixture & kitchen has added lines.  Even though it is an approximate dollar amount, it's easy to read...it doesn't go into alot of detail like doorknobs, outlet covers etc., however, it is a easy reference material to show people when the are asking questions, for financing, what ever you might need.

Hope this helps.

Yes, read people's blogs, watch podcasts, ask questions. Everyone's opinions may differ however everyone is so friendly & willing to help v