New Member from the Kansas City Area

[Kimberly Farrally]

Hi there!

I'm Kimberly, transitioning out of the military back to the civilian life!  My husband and I have always had an interest in real estate investing.  Now, we're trying to get our feet wet and learn as much as we can to try to make a business out of it.

Ultimately, we'd like to flip houses.  But, we're starting with the wholesale business first. 

I'm open to any advice anyone has.  We're also interested in meeting other real estate investors in the Kansas City area.

I know networking can go a long way!  We're looking to connect with General Contractors, Rehabbers who might be interested in wholesale deals, as well as other wholesalers out there.

Thanks, I look forward to learning as much as I can and meeting some of you!

[Thomas Franklin]

@Kimberly Farrally Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.

1. How many investors do you currently work with and how many investors have you worked with, in the past?

2. How many transactions have you closed, with investors?

3. Do you currently own any Investment Properties? If so, what type do you own?

4. Are you a member of any REIAs?

The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. This will identify the retail price ranges, in which you can list the rehabbed property and the price ranges, of distressed homes, you should target.

You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.