All Forum Posts by: Brady Hanna

@Becky Lu- I live in Kansas City and have rental both with basement and without basement and have not noticed a difference at all in the ability to rent them out.  It is actually pretty nice having a rental on a slab as you do avoid those potential basement issues.  I think having a 2nd bath vs basement is much more valuable to renters.

@Joyce White-where is your mom's house located? I may be interested.

Hi fellow BP'ers! I was hoping those in the Kansas City market could point me in the right direction for a great Real Estate Asset Protection Attorney? My wife and I have our LLC set up, but want to make sure all of our ducks are in a row and we are protected properly. We are especially want to make sure the LLC is as secure as possible so the corporate veil can't be pierced. If you could message me any recommendations, that would be awesome! Thanks in advance!

Omi, that area is at 31st and Troost and is in one of the War Zone areas of KC.  I personally wouldn't touch that area with a 10 foot pole.  A few years ago the local newspaper wrote an article naming that area as the "Murder Factory" of Kansas City.  Beware.

If I were you, I would focus on KC, MO out of the 435 loop.  Thanks!

@Derrick Dunn- Do you know what the house would rent for?  One option would be to do an assignment and just take over the payments at $60k if it would cash flow.  

Option 2 is a much longer process, but the seller would have to initiate the short sale process with his lender to try to get the payoff amount lowered.  It is very unlikely the bank would accept $25k though, more like $45-50 prob.  Also this option would only work if he is far behind on his payments on his mortgage.

Option #3-Does the seller have any cash on hand?  If he says he is willing to accept $25k, does he have $35k to bring to the table at closing to pay off his loan?

Where is the property located at?

There are several unknowns here, but those are your options.  

Good luck!

Josiah, the best way I have found to figure out market rent is to go to rentometer.com and put in the bedrooms and it will give you an average of properties that have rented in the area.  Then I also go to padmapper.com and put in the address as well and filter to the same number of beds/baths and can see properties currently on the market and what condition they are in and price.  These two will give you a great picture of what you should price rent at.

Josiah, I love your ambition and you are doing a great job starting out.  Unfortunately, I doubt you will find a lender willing to loan you any $ with no collateral or source of income verification to go off of.  You have to put yourself in their shoes a little bit, would you loan to someone who doesn't have a job currently?  Your risk of loan default goes up tremendously when there is no income to offset the loan.

Keep up your gumption though!  Maybe worst case you could rent in the KC area for the first 6 months while you & your wife/girlfriend get jobs and then start looking then.  Just a thought.  

Keep up the good work buddy! I have no doubt you will succeed!

Hi fellow BP'ers! I was thinking about this question this evening as we are looking to buy a few more rentals for our portfolio. Do any of you have any idea what the difference is on average tenant stay with a 3 bed/2 bath vs a 3 bed/1bath single family house? We are trying to decide between a couple different houses and this really peaked my curiosity and I figured some of you experts might have some experience in this department. Thanks in advance!

I would recommend KC, MO outside of the 435 loop in general, grand view, Belton, ray more, some parts of independence, north KC, and anywhere in Johnson County.  It is a little tougher in JC as the price to rent ratios don't work for most investors.

Josiah, I wouldn't touch this property with a 10 foot pole.  It is in one of the war zones of KC, definitely not an area I would target.  If the property goes vacant in the future, you will have to worry about it getting stripped of copper.  

You guys are awesome! Thanks for the help. Several things were brought up that I didn't even think about. You made my decision easy!