All Forum Posts by: Milton Chamberlain

Hey Michael! Sounds like you’ve got a solid game plan. I’m a local KC agent and investor too — I own three single-families, rehabbed two down to the studs, and hold them as long-term rentals, so I definitely get the hands-on route you’re taking.

Happy to chat about your goals and see how I can help. I’ve worked with folks on house hacks, STRs, equity plays, and appreciation-focused deals.

Have you looked into multifamily investing? Some down payment assistance programs work for duplexes, and the new federal rule allows 5% down on up to fourplexes — huge win for traditional financing, where previously 20%-25% DP was required, even if owner occupant. Owner-occupant loans are a great way to start in REI, particularly if you live there for at least 2 of the next 5 years, which will allow you to avoid capital gains tax down the line. And then rental income can help boost your DTI for future purchases, vs a SFR providing no income.

Reach out anytime!

It looks like you asked this about a month ago—hopefully, you've gotten some answers by now. If not, I’d start by calling your mortgage lender to ask about repaying the grant and how that would affect your property’s status. It may not be as simple as just paying it off; or they might require a full refinance out of the MHDC loan. Right now, rates are generally in the high 6% to low 7% range, similar to what they were when you bought in October. So it shouldn’t be a huge issue.
have you done any improvements to the home?

Ashley Meyers is great. She’s a broker, so can give you a few different options to choose from. I’ll message you her contact

My understanding is that there's no definitive answer regarding if a grandfathered license will transfer with the sale of the property. I've heard that you would need to buy the actual business LLC associated with the STR license, but never had confirmation on this.

I have helped several folks by short term rentals in the Kansas City metro. Johnson County, specifically Overland Park large homes are the most profitable, from the numbers that I've seen and heard, but they are legal in other regions as well, such as the I 35 north corridor of Claycomo, Pleasant Valley, liberty, and Kearney, Missouri , although there are specific things to consider regarding each municipality and how they treat short-term rentals. An example, Liberty charges a 10% hotel tax on all revenue. In Overland Park, it's important to note that a majority of the HOA's do not allow short term rentals, so you should avoid those homes.
you can typically find the information pretty easily by searching each cities website.. But to save you some time, most of the Northland does not allow it, or it is at least very difficult to obtain a license. The only areas allowed are in the north east and then way up north in Smithville. Which has a large lake, so not a terrible place for a short term rental. Then down south, essentially the only areas that allow are a majority of the Johnson county Kansas, cities, so Overland Park, Shawnee, Lenexa, etc. there are a few little ones that don’t allow, but you can find that info on their websites . I haven’t checked in on the status of the Southeastern portion of Jackson County recently, so not sure what the current status is over there for places like independence, Blue Springs, Lee Summit. 

Johnson county is an A class market. it’s for more of an appreciation play, and of course flips can do really well there. I have some Investor clients specifically looking in the Blue Valley school district of South Overland Park, and they are primarily buying For the appreciation of the area. Rents in that specific area are $2800-$3200 1500-2200 sq feet 3-4 beds 2.5+baths fenced in backyard garage yadda yadda yadda…They are concerned with cash flow, so they would put down a large amount. Obviously a bad cash on cash return, from a cash flow perspective… super competitive in this area though. They’ve been offering at List for a bunch of properties all cash/close in two weeks with some inspections waived and are still getting beat out. 

Happy to chat with you more about your specific goals, and what parts of the KC metro would best suit you. Reach out anytime.

Hi James, happy to chat about what options you may have

Ouch. Yes happy to chat with you about your options

sent you a message.

yessir!

Blue Springs Duplex located around 25 minutes East of Downtown Kansas City MO. Rare and Large 3 bed 2.5 bath floor plan 2 story on a slab. 506 unit has had >$20k put into repairs...lots of the hard-dirty work has been completed (Ripped out framing and replaced windows and siding...fixed all leaks and repaired damage in bathroom, new carpet, all minor repairs completed. 502 unit is occupied MTM lease. great opportunity for 0% down financing