All Forum Posts by: Rich Kniss

Julie Anderson with Anderson Associates is an attorney I have talked to and comes recommended on BP, if you need a contact.

It sounds like you are headed down the right path. Keep it up. Look forward to hearing how your first deal comes out.

@Jen Harwood I also use REIguard. Great to work with and they were also the lower quote.

@Aaron Byler, why don't you try a HELOC? Some have interest only for the first 10 years, so the payments are much lower. Use what you need and pay it back when you sell.

@Caitlin Stables I have a zip code map that might be helpful to you, just PM me. It's based on BP posts that @Forrest Wilson mentioned. Trulia has a good crime map as well.

@Chris Modzeleski Buck Roofing has done work for me on an insurance claim. They did a good job and were professional.

@Jerrud King, I find one overcomes fear with knowledge, at least in my case. Read every book you can and listen to every podcast. There's plenty on the specifics of renting and managing properties. 

On the question of being able to rent out the unit, make sure you've done your homework on what the typical rents are (Craig's List, Rentometer) and that any rehab reflects the comps.

I think BP'er @Jonathan Schneider has a group he set up that way. Might be close to you. 

Good luck and jump in! I look forward to hearing your first success story.

Rich

@Andrew Syrios is correct, particularly in the City of Kansas City, where some combinations storm/sanitary sewers are over 100 years old. I know I spent $7.5K on replacing a line to the street in Hyde Park, and you need to know if your budget can absorb that or not.

@Mark DelRosarioTry REI Guard (National Real Estate Insurance Group). They are recommended often. I just received a quote on a property that was at a pretty good rate $1,000 for a $95K property in a C class zip code.

Dennis, I lived in Central Hyde Park for 15 years (36th and Charlotte), and am happy to offer any insight you would like on the area. Make sure to connect with the very active Hyde Park Neighborhood Association as some areas have limitations on rentals.

I don't currently own any multi-family, but what I am seeing in my research is an asking price about $50K to $75K or so per door, before any minor rehab.  It seems like with the amount of work you are needing to do, the price appears high, unless you are in a B class neighborhood. I'm sure those in KC with actual multi-family properties can confirm or deny my understanding.

I hope that helps.

Rich