All Forum Posts by: Paul Gimmarro

@Luke Johnston You get what you pay for. If this agent is just doing paperwork for you, your suggestion might work. If they are the ones finding the deals, running the numbers, walking the properties, putting you in contact with contractors property managers etc, I don’t seeing them taking half of what they would normally get. I like what Avery said, if I have a client that is going to penny pinch or try to negotiate my commission, I’m not going to be sending them the great deals first.

@Tanner Shore Piggybacking off of what everyone else has said, your local team is one of the most important things you need to put together. Once you figure out which area is a good fit for you to invest, find a local realtor who specializes in working with investors from out of state. If they’re a good agent, they will provide you a list of specific neighborhoods for investment properties, send you video walkthroughs and pictures of potential properties for you to acquire, put you in contact with property managers and contractors etc. The agent will put you in contact with the people they trust so they get your repeated business in the future. A lot of the “acquiring of a team” part of the process the agent can do themselves if you find the right one. Good luck!

@Casey Roman Have you looked at out of state investing at all? It’s a good way to invest you’re money if where you live is too expensive for you. Let me know if I can answer questions for you!

@Matthew Becker I suggest looking into the Kansas City market, don’t limit your options for yourself. Good luck!

@David Lust It’s all about the team you have in place. Here’s how our out of state investors do it in Kansas City. Usually they contact an investor agent like myself and tell them what their looking for, what kind of returns they want, etc. After we outline some of the investors goals, we, the agents, begin looking for properties for them. An investor’s agent is experienced in what things cost to fix up, so we go to the properties we find, take pictures and videos of everything that needs fixing, give the investor an estimated rehab cost and go from there. We have contacts everywhere so usually we recommend a property manager and contractors for you. Here in Kansas City, property managers pocket 8% of the monthly rent give or take. We factor in all of the numbers for you: taxes, insurance, property management cost, etc. and give you an estimated cash flow and cap rate. If the deal makes sense and the numbers work we proceed with the investors purchase. This is just a broad run down for you. Hope this clears some stuff up for you! If you have any questions don’t hesitate to ask!

@Joe Moffett I would look at Kansas City as well, there’s some great multi-family deals here.

@Paul Gimmarro Of course, there are always other options with down payments, loans etc.... but most of the properties I see have at least 20% down.

@Christina Hall Hi Christina, glad to hear you’re thinking about investing in Kansas City. As far as future potential goes, Kansas City has been a strong rental market for a while now and we’re still seeing lots of potential in some select neighborhoods. The 1% rule isn’t as difficult to attain as you might think in this area. As far as down payments, the other realtor was correct, 20-25% down is typical on investment properties.

@Account Closed Our brokerage has a warning at the end of every email that specifically says “We will never ask or provide wiring instructions via email.” If we receive wiring instructions via email, we always call the title company to verify instructions, and look up the title companies number on google to match it with the email. I suggest more people adopt this idea to protect yourselves and your clients.

@Jessica Martinez Kansas City is a great market for multi-family. You could hit those numbers here without much of a problem. Especially if you’re looking to buy in the spring when the market is more active.