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Updated over 5 years ago,
New to BRRRR - Kansas City, Lots of Questions!
Hello Bigger Pockets!
I am new to this amazing site and after scouring forum and blog posts, listening to multiple podcasts, and investing in some of the literature on here, I am looking at taking the first steps into real estate investing!
My brother and I are going to be partners to begin BRRRRing homes and we have identified the Kansas City market as a potential good starting point. This would be a long distance investment as we both live in California. I have some questions:
1. Using Zillow/Redfin/Realtor.com there are MANY homes that could be renovated in the area that are quite cheap ($10k-$40k). I realize a more detailed home inspection will reveal most of the problems with a property. What are major problems that we should avoid with a home that would make it out of a good BRRRR investment? (Foundation? Plumbing? Electrical? Stud replacement?) I realize some of this has to do with the numbers making it a "deal" but would love perspective from others.
3. How did you go about finding a contractor for BRRRR renovations? I saw Biggerpockets has a page that is sponsored by Home Adviser to find contractors. Has anyone used Home Adviser to find contractors with any luck? What about similar sites like Angieslist? Do you have any recommendations for good contractors?
4. We want to get a home inspection before we buy any property. Are home inspectors pretty much the same? Is there a certain company/person in the Kansas City area that is "known" for great inspections? It seems to me that they would be equal but I am not sure on this.
5. There are many bank foreclosures that are offering properties "as-is" with very little information. Outside of a home inspection and a contractor walk-through, should I be asking more questions about these properties?
I really appreciate all the information the community here has. My brother and I are motivated and eager to get going, just want to take the right first steps to set us up for success. Thank you all for your time and insight.