Finally serious about the Kansas City, MO area

[Nic S.]

I've honed in on the Kansas City, MO area (Blue Springs, Independence, Raytown) to purchase my first rental property (SFR/Duplex). Occupancy rates have been strong for years and I've been plugged in to a solid network of people (agent and local lender).

If anyone in BP land has advice or tips for me, that would be wonderful. I'll try to repay the favor and pay-it-forward. 

I'm pre-approved and actively seeking for a property where the numbers make sense. I'm trying to be realistic and aiming for 9% CoC.

Thanks! 

[Mike D'Arrigo]

@Nic S. Like @James Wise already said, my biggest piece of advice is to not buy in rough, urban core areas but based on the areas that you are looking at, that's not going to apply to you. All of those areas are good solid rental areas and Blue Springs is a more affluent, owner occupied areas. These areas will have both B and C class streets and neighborhoods. Decide what class you are comfortable with and then make sure the particular property fits that class. If you're buying an existing rental, ask to see the rent and maintenance history. Find out when the last tenant turn over was and what was done to make it rent ready again. And of course, get an inspection done. If you're buying turn key, ask for a scope of work on the rehab. I think you're setting your sites too low for CoC on these areas. You should be able to get in the range of 12-14%.