All Forum Posts by: Alex V.

@Josh H. it's more for peace of mind than anything. Reviewing documents etc. This being my first deal, I want to make sure I'm not signing anything that will haunt me later.

Hi KCMO BP Community,

Just wondering if anyone has any referrals for a good residential real estate attorney in the Kansas City, Missouri area. Just put my first investment property under contract and need someone who can help educate me as well as help me get through the closing process. Does anyone here work with an attorney they love?

Thanks,

Alex

Welcome to BP

I'm sure this has been mentioned already but you need to read Set for Life, written by @Scott Trench

Then move on to the Brandon Turner book about buying RE for no or low money down. 

You've got the interest, creativity and stubbornness parts down. Those are the hard parts to overcome. Now educate yourself on the how. Read, plan, save, invest, repeat! Congrats on getting started with this post.

As always, thank for the guidance @Lee Ripma

@Kevin Schaefer we have considered Hackensack. I love the downtown and as someone who lived in NYC for 10 years, the idea of getting back some city life is a huge plus. The only downside for me is I grew up in River Vale, along the Pascack Valley line so I know exactly how awful the train service is. Not sure what the bus commute is like though.

@Vaughn Smith Thanks for the tips. I've been thinking about Wallington, Garfield, and Carlstdat too.

@Fred N. I don't know why but I hadn't even thought of Clifton! It's in my back yard so thank you for the tip.

@Jessica Zolotorofe thanks for the detailed JC market info. I guess I need to take a drive around the Heights because it's been a few years since I've seen really been in the neighborhood. B-L is too far out for us to live. Maybe a good time to buy and hold an investment there though.

Hi I'm an out of state investor about to pull the trigger on my first Kansas City SFR investment. I was wondering where to incorporate the LLC that I'm going to hold the property in. Are there benefits or restrictions that I should know about for incorporating in Missouri or out of state and holding Missouri property? Thanks!

Despite not having the votes in the Senate, they may require to use budget reconciliation to cram these changes through. As someone who works on Wall St. and has felt the pain of some onerous parts of the regulation first-hand, I'd love to see the bill fixed. Gutting it will not fix it though. One part of the regs that's under fire is one that we actually need. The rules and regs around ordely wind downs of failed Banks is one of the most logical parts of the bill. This week Europe implemented it's first successful "orderly fail" when Banco Popular burned through €4b in 2 days in a run. Without their version of it, Spain's banking security would've plunged back into 2011 territory. In the US, the OMB has estimated that this part of D-F costs tax payers a decent amount of money so Congress may try to use it as ammunition to use budget reconciliation and cut the legs out of the regs. This just sets us up for the 2Big2Fail sequel, 2Bigger2Failer. Also as retail investors everyone should be fighting to keep the fiduciary rule in place. It's a simple rule that fixed the long broken inventive structure around financial advisors.

@Michael Lee I actually live in Rutherford. There are a decent amount of 2 family homes here but they property taxes have been a deal killer for anything I've run the numbers on. I wonder if Lyndhurst is any better. I've have skimmed Harrison and there seems to be a nice little enclave by the PATH station and the stadium. What's living there like? Is there a kind of block to block change like there is in Newark? I work in FiDi so the commute would be awesome for me. I've seen a ton of complaints about parking and how hard it is to get around during Red Bulls games but that's not a deal breaker for us as long as we could find a property with 1 parking spot. 

@Eric S. thanks for the update. I lived on York in the Grove St area 10 years ago, man I wish I had bought something there back then. I worked in Exchange for a few years right after college. It's been amazing to see the progress in JC. When I lived there it started getting real hairy just north of Grove, you didn't dare go anywhere near Bergen-Lafayette or the Heights. I drive through the Heights occasionally on my way home from Hoboken and it's like a completely different town. The only thing that had stopped me from considering it was the lack of public transportation options up there.

@Vincent Priore Bloomfield has been through an incredible transition as well. My brother lived there 15 years ago and it was a completely different town. I have friends that bought a house last year and had to resell it due to unforeseen events, they ended up making a profit despite not doing a thing to it. As you suggested, we are planning on looking for something that needs work so we can force some appreciation into it to make the deal work. It's nice to see that it's still possible. Thank you for the offer to help. I'll send you a colleague request.