All Forum Posts by: Mike D'Arrigo

@Brian McGuire If you're keeping your current property, they lender miight want to see some evdience that it would make sense that the subject property will be your primarly residence. The fact that it's closer to work will help. They might want to see a lease agreement showing that you intend to rent your current home out. Talk to a lender and ask them what they will look for.

@Kimberly C.You should never, and I mean never invest locally just because mentally it seems better. The question should be is whether you can meet your financial goals in your local market. That's all that matters. If your local market doesn't fit your financial criteria then you should look oout of state. 

@Ifeanyi Onyeonwu That is not a good rate and the pre payment penalty woould be a deal breaker for me. You will most likely want to refinance in to a lower rate in less than 5 years.

@Gowtham Natarajan There's no way to answer that without more information. Every market is different with how much prices have appreciated relative to rent. It all comes down to the numbers. Be sure to evaluate deals on the basis of total income and equiity returns of IRR to get a full picture.

@Muhammad Ahmad it is not a developed area at all which is why they built the new airport out there. It has a population of only 647 people and is about a 25 minute drive to downtown Kansas City. I think there are better Kansas City suburbs that that.

@Kenlyn McGuire Just understaand that inventory continues to be tight in Kansas City, particularly for multi family. The good news is that it's starting to get a little better. This just means that you'll have to look harder and it might take some time so don't get frustrated. As far as strategies, that depends on what you're looking for. If you want something that you can put some sweat equity in and add some value then you should be talking to wholesalers but be careful with that. Some of the wholesalers are selling distressed properties at retail prices, so be sure to know the values. If you want something that will take no work and is move in ready with no short term CAP Ex, then turn key might be a good route for you. South Kansas City and near the Cerner Innovations Campus and just a little bit north around Arrowhead Stadium can make good short term rentals. That could be a good option for the 2nd unit of a duplex. We've been active in KC for over 10 years. I'd be happy to chat and give you my perspectives if you'd like.

@Xzavion Schultze you should definitley have a job lined up before making a move. In fact, a conventional lender will need to see that you have two years of experience in the same line of work. If that's not possible, then you might consider a DSCR loan. I would be considering markets with job growth and modern/diverse economies. Indianapolis and Kansas City are two good markets for that. I recommend checking them out. We've been active in both for over 10 years. I'd be happy to chat and share with you why I think they're good markets if you'd like.

@Keenan Fitzpatrick I totally agree that inpections are important. The problem with them however is that most are not contracters and as @Andy Sabisch said, they are not qualified to determine the age of a roof or many things so they will give a CYA statement and recommend further evaluation by a liscenced contractor. Another problem is that some of them are so overly cautious and vague that they make the most minor problem look major and an inexperienced buyer can't distinquish between big things and small things and gets scared off. 

@Bryan O. Don't you have a property manager that will do that for you?

@Ryan Jones That depends on what kind of data you're looking for. You need to be more specific.