All Forum Posts by: Cody M.

Wonderful thank you very much!

Hello all!

Working on getting a list together for my first local rental in Kansas City. So far I have:

- First month rent

- Security Deposit equal to first month rent (in separate account)

- Last month's pay stubs/Income verification (3x amount of rent)

- Background screening

- Credit check

- Rental contract/agreement

Anybody in the Kansas City area that has a rental agreement they would recommend or have had great success with? I know BP has agreements we can purchase but figured would reach out and see if anybody would be able to offer any advice first. This will be my first investment property personally managed so any help/advice would be greatly appreciated!

Thank you,
Cody

Hello all! 

Working on getting a list together for my first local rental in Kansas City. So far I have: 

- First month rent

- Security Deposit equal to first month rent (in separate account)

- Last month's pay stubs/Income verification (3x amount of rent)

- Background screening

- Credit check 

- Rental contract/agreement

Anybody in the Kansas City area that has a rental agreement they would recommend or have had great success with? I know BP has agreements we can purchase but figured would reach out and see if anybody would be able to offer any advice first. This will be my first investment property personally managed so any help/advice would be greatly appreciated!

Thank you,
Cody  

Hello all, 

I had an appraisal this week that came back with less then favorable results. It's in a really growing desired KC metro area so I feel in the future appreciation will be great for the property. I have found this deal locally and off market. It is a smaller home (1 bed 1 bath <700 sq feet) On the same note we received the following message from appraisal team: 

"The Inspection for this property was completed today. The subject contains 0 bedrooms above grade which will affect the marketability and resale. The home does not conform to Freddie Fannie guidelines. This is a studio home and there are no other similar sales or studio homes. There are no one bedrooms similar to the subject."

As they mentioned there is no TRUE one bedroom on the property. (Older home build in the 1900's). Im also afraid this will lead to us not having the ability to finance the property as I wished so will need to pursue a hard money loan or pay all cash for the property. This is still a possibility but would like to get anybody professional opinion on the subject. Closing is not for another couple weeks so still have time to come up with a game plan. 

Thank you for everything

Cody 

Hello all!

My name is Cody and a local fireman in Kansas City! I have been a local here for pretty much my whole life. With the help of BiggerPockets, it has helped me negotiate and close a private FSBO deal next month (pending appraisal) so very thankful for this forum and all the experts for expediting my education.

This is the beginning of my journey and wanted to introduce myself and if anybody here is open to connecting and offering any local insights for market trends, contractors, and other opportunities in the Kansas City real estate market, It would be greatly appreciated! I had thoughts of moving to the west coast but instead decided to stay home and invest in the growing KC area so I look forward to talking and making connections to local investors and agents in the Kansas City metro area. Excited for the future will bring!

Thank you 

Cody