New to Real Estate (Multi-Family) Investing in Kansas City!

[Kate Buenger]

Hello!

Brand new to the real estate investing game.  I would like to focus on multi-family, starting with small 2-4 unit properties and am definitely open to house hacking.  I dont have an issue moving into the KCMO market and I think I would prefer to stay out of south JOCO unless I find an unbelievable deal.

I have a few questions;

1.  I know the obvious places to stay out of, due to high crime rates, poor schools, etc, especially if I will be house hacking.  I would love to hear from those of you with experience in Waldo, Westport, Volker, South Plaza areas.  Any advice you have about buying and then renting there?  

2. Next questions is whether I should sell or rent my current home.  My initial plan is to sell and use the money for a down payment on a multi-family that I can house hack, but am open to advice.  

I currently own my home in Roeland Park, 2 bed 1 bath, large back yard, am in the process of renovating the kitchen(painted cabinets, new back splash, new counter top.

What are your thoughts on if it would be a better move to sell and invest the proceeds or try to rent it.  I honestly dont think I can get the 1% rule with my house, but maybe I'm wrong.

3. How do you determine if a deal is worth moving forward for you or if its time to back out?  I've read forums and books and the such but would love to hear it from investors in the area.  

4.  What are your thoughts on managing the first property yourself and just purchasing a home warranty for the major repairs?

Any local advice that you have would be much appreciated.

Thanks!

[Michelle Lutz]

Hi Kate, Roeland Park is a hot area. Why don't you take some pictures and put up a test ad on Zillow/Hotpads/Tulia to see if you can get high enough rent to make your primary residence cash flow? Then start the hunt for a nice tri or quad you can house hack with super low owner interest occupied loan? Let me know if you want to chat further about this or if you want me to set you up on email for every new MF property that comes on market in your target area.