All Forum Posts by: Luis Vaca

@Dennis M. My agent even said she was not aware of the HoA nor was the selling agent. Not sure what I could've done there.

Property taxes yes I could've dug in deeper there. Going back into my emais I still don't see anything notifying me of that big increase.

@Dan Heuschele Yes basically everything you said is spot on. My CapEx I might be underestimating at 50$ monthly. But as others have stated this isn't a horrible deal. I'll stick with it and keep learning.

 Sure! Thank you

 They will go up in 2020, for this year they are 950$. There was no rehab done on my end, the home is rent ready. Yes it is in Jackson county.

I even visited a website that calculates property tax by state, and it calculated mine (w/ property worth 70k) at about 950 a month. So I am not sure what is different. 

@Frank Wong haha it's a combination of both really. Not stressing over it, I just don't like surprises when it isn't in my favor.

But reality is there will be surprises along the way even if it's my first or 100th deal I am guessing

So I just signed the title documents today for a SFH in Kansas city for 70k. I was caught off guard by two things; Property taxes a lot higher than expected, It went from 950 all the way to 1370$. Due to the recent appraisal. I imagined they might go up a bit but that was higher than I expected. Then there was n HOA for 25$ that was slapped on there, I asked the notary if it was monthly or yearly but she didn't know. I called my agent ( I am in California, her in KC) but she was out of the office for the day (she had told me previously).

I ended up signing anyway as I am just praying it is a yearly amount since it was not disclosed ANYWHERE. It's only 25$ but that's supposed to be MY 25$. The deal is not as great as i'd hoped as my CoC is 9% with about 150$ monthly. Lesson learned here is do my due diligence on taxes more in determining what they will be. As far as the HOA my agent will have some explaining to do.

Fellow noob here, I am in the process of signing documents for my first SFH property in Kansas city. When doing my analysis i was doing it with 5.0 interest rate. Currently it is at 5.7% for me.

It is still a decent deal but it drops down my CoCR to just above 9%, monthly cashflow now down to about 150$.

Question is do rates drop to 5% or below usually in the kansas city area for investment properties? This way i can just refinance later.

Thanks for any info

Just a snippet from a video my agent sent me from a property in KC. As soon as i saw the hole in the door i mentally checked it off my list. Aside from this the bathtub was just brown filthy, don't understand why people live that way. 

Yes I will definitely get an inspection on any property I want to invest in. 

I am not that familiar with what to look for on structural issues, so on my initial walkthrough it would be nice if I know what to look for. I suppose I could also stick to the inspector whenever he does the inspection and ask questions? 

This property in the Midwest has drawn me in like a magnet as it seems like it will cash flow real well. Thing that concerns me is it is about 100 years old. I'm in the preliminary stages of talking this over with my agent and eventually walking through it myself.

What things should I pay attention to when I go view it? Renters are currently in the home and have been there for years. No big issues when I read over the seller's disclosure. Thanks for any advice!