All Forum Posts by: Milton Chamberlain

I'd say Lane pretty much covered all of em'...don't know what your price point and game plan are (house hacking 3.5% down?), but in the KC metro nicer duplexes pop up fairly regularly in 'A' and 'B' markets between 300-400 (built >2000/3+ bed/2+ bath/>1200 sq ft/unit).

There are triplexes and quads as well, but more rare and generally smaller (1-2 bed/unit). Generally priced 400-600 depending on the area.

Cheaper multis that cash flow better are available in lessor rated sub-markets.

I am doing a complete remodel of a single family home in Columbia MO right now. We knew there were foundation issues, and along with shoddy/improper support beams/joists, we also discovered excessive water. over a foot in low spaces. essentially the house has been sinking slowly due to the ground being mud. The floor was leveled out with soil/rocks and a sump pump was installed. We are waiting to see how it handles all this rain.

Due to costs, we did not encapsulate the crawlspace. obviously encapsulation would be the best solution, but maybe just the sump pump and leveling will be sufficient in your situation as well?

If you Google Ashley Meyers ReeceNichols, You should be able to find her contact number and email. Within the company, she is the top insurance broker. She works by providing you insurance policies through many different providers. So you can compare and contrast. She’s also just a great person to troubleshoot and talk things through with.

She will be able to confirm with you whether or not you are overpaying or if that is an appropriate price

I would probably look at the components of the house that are frequent headaches/money pits, and determine their condition.

Roof, windows, HVAC, Main sewer line, appliances, etc.

If you pretty much gut the place and make everything new, I would say save less. 5% on the high side and then at the end of the year, reassess.

If the components are older and towards the end of their life and you don't plan to fix them upfront, probably go as high as you can afford and makes sense...10% or more? 

Sure! Yes Columbia is a great town, and my hometown. I have only been purchasing there bc I buy off market properties from a family member as he decides to sell. The Columbia Realtors association has all of their data locked down pretty tight, so I can't compare investment analysis and data to the KC market. So I am not 100% sure how it compares with KC in regard to going cap rates, cash flow, COC returns, and all of the various rules we look for as investors.

 Its a BIG College town (Mizzou, Columbia College, Stephens, along with many smaller community colleges), but also has enough industry (Veterans United, University hospitals, factory work, Cerner, etc) to be self sustaining enough (meaning the local economy is not 100% dependent on the state university) to have a healthy and growing pool of great tenants. So I would say if you are finding luck there, keep on hunting there! If you would like a referral for a great investment minded realtor there, let me know!

sounds pretty good to me, but I would need to know more data to really give an opinion (part of town/market rents, How much work needs to be done, # of beds and baths etc) 

I don't think you over paid, but its bought now! so that's in the past!

I own three single families in Columbia (1 in Indian hills and 2 in the center of town between stadium and providence, near downtown)

We have rehabbed one (put $35,000 in it to increase rent from 900 -> $1200 a year ago) and are currently putting 50k into Ione to increase rent from 700->1200)

Call if you ever want to chat

I have never worked or spent time in harrisonville. So no primary experience or knowledge. 

I would agree that there are certain areas and neighborhoods in claycomo that could be categorized as “less than C+”, but I would not consider Claycomo as a whole as less than a C+. 

I like Frank Lewis. He is very knowledgeable and hosts the north Kansas City investors meet up every month. He manage his properties all over the Kansas City Metro, boasts never having had to evict a tenant he placed, And has many great references are in great knowledge about specific markets within the Kansas City metro

In my opinion:
Considering Leawood, Overland Park, Parkville, Lee Summit, certain parts of downtown, etc as A neighborhoods in regards to property value, crime rates, public school ratings, rent values, etc, I would say you could consider
• Liberty
• Platte City
• Olathe
• Grain valley

As B-B+, along with Shawnee and Blue Springs, smithville, N KC.

with places like Kearney, Gladstone hot on their heels
KCRAR website has great market stats showing market appreciation, inventory, and average sale price

I have had success with bank of the west. There is a location up in Liberty, MO where I live. I was under the impression they would allow you to pull a HELOC out of an investment property.

I have only ever pulled one out on my primary, so I can't confirm this for sure. For my Primary it was pretty standard, 80% of the equity and the rate was I believe low fives. I believe it was interest only payments until year five when the total sum borrowed is due. But don't quote me on that. I will do some more homework though and get back to you.

Ron Ireland is an investor/lender who is very active in the KC metro investment groups. He would probably be a good guy to call and to get more accurate info pertaining to HELOCS and cash out refis