All Forum Posts by: Carrie Hallensleben

Emilio Caamano I just wanted to share that I do live in KC and the zip codes you shared are going to be very difficult to rent with quality tenants. I'm sure there is a high ratio of renters in those areas however, it is a very high poverty area. 64123 is in north east Kansas City which I am very familiar with as my dad lives over there. There are certainly some beautiful homes there but it is street by street and mostly only close to the museum. There is gang activity and tons of graffiti. My dad's truck has gun holes in it from stray bullets. The other area is east of Prospect which is super run down and again high poverty concentration. When in midtown, anything east of Troost can be problematic however, there are some beautiful homes that are well cared for between Troost and Paseo. This is an area for a special investor who will help support people looking for affordable housing.

Thank you all for your feedback!! 

We are trying to close a buy & hold deal and at this point the financing looks like it will go through. However, our thoughts were we'd do our renovations, get a tenant and then refi to get some of the equity out. Now we are wondering if it is better to just pay cash for it (we have HELOC money and savings available) and then do the work, get it rented and go about getting a loan after the fact. My husband feels this will help us not pay closing costs twice. Is there a great difference between closing a cash deal over a financed deal? I know there are title company fees. We are in KC, MO if that makes a difference. Thanks for advice!!

Hello,

I wondered what area of KC your house resides. We have been looking high and low for something to flip but can't seem to get anything in our area that is low enough to allow for reno, hard money fees, and commissions. The ones that are in the high 80's don't sell for enough after it is all said and done. We are thinking about just sticking with buy and holds. Looking forward to hearing what zip code, general area or school district your house is in.

Congrats!

Carrie

@William Robison

I thought it would be fun to see if we could get space at the Westport Flea Market which is centrally located and not very expensive for food and drinks. Should I go ahead and give them a call? I'm not a pro-member so I can't actually advertise the meeting on here. We'd love to meet some other investors in the area.

@Tim C.

Thanks!

@Tim C.

That is what my husband thinks since there is a crack on the basement floor which comes out a crack in the corner of the subbasement. We are going with worst case scenario so that if we make an offer we don't get into trouble. Have you used a foundation person in KC? 

Thank you for your replies. I will see about contacting an engineer. Too bad offices are closed this week due to the holidays. We appreciate this community sooo much!

I think my Google link isn't working so I'm trying to upload the photos here. 

We are considering whether to buy a REO that has major foundation problems. We've looked at the comps but aren't really sure about how much to allocate for piering. I called one place and it was 1200 per pier. We had our own basement done and that sounds on target. I'm not sure how far apart they are usually placed so as to get an estimate.

There are huge cracks throughout the house. There is a finished basement next to a subbasement and everything above the subbasement seems stable but the slab on the finished side has cracked. Here are some photos I put together in a Google doc. https://drive.google.com/open?id=0B0hhDVxbmkfJUTlLT2pyVFNaUUE&authuser=0

I'd appreciate any insight you have that would help us determine cost of worst case scenerio.