All Forum Posts by: Katy C.

@Jon Huber , I agree. The 2% is a target and the ability to reach that is one of the reasons I'm looking in KC rather than somewhere a bit closer, but I would be happy with something around 1.5%.

@Mike D'Arrigo I have been checking out Raytown, but from what I hear it can be hit or miss. Hopefully something that needs only a little bit of work or is move-in ready. For the first one, I'd like to stay under $60k. In AZ, I have a property manager I know and trust. KC is a whole new ballpark and the family I have with rental properties there are all DIYers. What's your experience been with renters in Raytown and Independence?

Hey all!

So today I have made a little progress toward my first SFR purchase in KCMO. I think I've found a realtor to work with, but I'm still confirming whether he's the right guy for me, since I'm looking at a lower price range and have some pretty high standards and would like to build a 3-5 unit portfolio in the area. I'm planning to get a prequal this week so that I can move quickly on the right opportunity.

About me: I'm living in San Diego, where I was born and raised. I have one SFR renting with positive cash flow in AZ, which is the house I lived in for 4 years before coming back to SD this year. However, if I was crunching the #s today, it wouldn't meet my 2% target for rent to unit cost, so I probably wouldn't buy the house again!

Any words of wisdom or recommendations about where / how to look for a place? I'll also need a property manager when this is all said and done.

Thanks!

Katy

@Jerry Padilla

Thanks for the post. I am finding myself in a difficult position because I have a pretty high DTI with one SFH in Phoenix and high rent here in San Diego. The SFH is generating positive cash flow, but of course it hasn't been a rental property very long so that income does not offset the mortgage in a bank's analysis. Seems like money down is not the problem for me, but rather taking that next step without the possibility of loan assistance from a bank. I welcome any advice you have on the topic!

Wow, thanks everyone. I am much clearer on my financial strategy now.

@Aaron Mazzrillo

Good point. If the numbers work, they work. If they don't, they don't.

@William Robison

Thanks. I see how it could be much more difficult for long-distance investments.

@Shaun Reilly

Well said. Makes a lot of sense to only use hard money for short-term holdings.

@Engelo Rumora

Thanks for the kind words!

@Gordon Cuffe

@Gordon Cuffe

I appreciate the discussion. Lots to think about there.

@Joe Fairless

It sounds like we have similar strategies. Hopefully it's working for you. I welcome any advice you can give me on getting started in a non-local market.

@Paul Timmins

Thanks for the clarification. That sounds like an interesting opportunity.

Hey All!

I am getting started in the Kansas City area, looking to purchase some buy-and-hold properties. I have about 30K that I could invest, and I'm wondering if I should go that route, or try to get hard money loans to finance these initial investments. Total purchase price of initial property investments (meaning in the next 6 months) would be around $120K.

Thanks

@Paul Timmins

Thanks for the tips. I just read your chapter in Real Estate Rewind. I really appreciated the section on networking at REIA events. I will need to check out the local meetings here in San Diego.

Can you elaborate on your comment "you don't have to own a property to control it"? I am open to niche options with target rental groups, particularly including students or military.

@Bill Kennedy

Is this someone you've worked with extensively? I would prefer to find something that needs some updating or rehab rather that pay more for something turnkey. However, I'm keeping options open right now, so if this is someone tried and true, making the connection can't hurt! Thanks for the offer.

@Jeri OMahoney

The fires came really close to my childhood home, but didn't affect us much now that we're living downtown. Thanks for the advice. I'll definitely check out the podcasts. Adorable dog, by the way!

@James Wise

Thanks so much!

Thanks Pete. I have been checking out Kansas City since I have some family out there. Might also look at parts of Texas that are experiencing significant population growth.

Do you have experience buying out-of-state? I'm thinking about contacting an agent to help me get started. My brother is an agent but I think he can only represent me if I'm buying in CA.

@Pete T.