All Forum Posts by: Daniel LaMontagne

Thanks @Mike D'Arrigo for the input, these details are super useful. I've semi narrowed it down to between either Troost and the The Paseo--potentially as far as the 71, and the North East area above Independence Ave. Deals can appear anywhere though so I'm always on the look out.

Thanks, the catch is I did most of the work myself, subbed out a few projects like full bathroom re-do :/ It was a huge learning experience, but now I feel more confident in both understanding the scope of various projects, and working with contractors for the future. The additional capital helps too :)

Luther Wilson III Thank you for your response. I would absolutely appreciate learning from your experiences! I’ll give you a call tomorrow to discuss. Thanks!

I am looking to invest in a multi family reposition/cash-flow deal in Kansas City. I’m looking for mobile home parks or small – mid sized buildings. I am looking to take the first step in building a team in the area, beginning with a real estate agent who is intimately familiar with these markets. I plan to visit the area next month to meet some potential agents and more closely familiarize myself with neighborhoods, and look at some properties.

From my research, any area between downtown South Kansas City, including Raytown, have great opportunities, but I’m open to anything C - B class.

My target is 5 – 35 units if a building, or 35 – 100 units if MHP.

I look forward to getting started.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $580,000
Cash invested: $50,000
Sale price: $740,000

Live in flip number 2.

Thank you @Dustin Davis and 

@Andrew Johnson for your replies in light of my failure to ensure proper formatting.  

My goal is cash flow; the appreciation is merely a bonus. The numbers simply have to make sense. I’m on board with the fact that a plethora of investors seems to be driving prices sky high at this point across the country. This is why I’m doing my due diligence to find the few areas where investing has the potential to make sense.

There has been a development surplus across the country in A class apartments as @Dustin Davis noted, which has already led to a minor rent correction in this upscale apartment class. The fact that the working class hourly wage is not following the appreciation trend is a significant concern. I will dig deeper into specific market research and look into Tulsa as well. @Dustin Davis I will contact you when I get my travel plans sorted out. 

@Andrew Johnson I appreciate your thoughts regarding my decision, and I plan to push forward with the small - midsize commercial apartment building as you suggest.

I would also be interested in hearing how the property management situation has played out for you in AR as I am working towards a similar investment setup to what you have. If you have some time at some point I would love to take a few mins to pick your brain. 

Thanks,

- Danny LaMontagne

Hello BiggerPockets! I am looking to invest in a multi family property in the Springdale or Rogers areas of Arkansas for the purpose of cash flow. I am looking to take the first step in building a team in the area, beginning with finding a real estate agent who is intimately familiar with these markets. I plan to visit the area mid month to meet some potential agents and more closely familiarize myself with neighborhoods, and look at some properties. For a brief history, I am in the process of finishing my second house flip in Southern California and am looking to transition into the multi-family sector. Specifically in an up and coming area where the > 1% rule is still attainable. (Rent equaling 1% or more of the purchase price/month). I am not interested in anything that does not meet this criteria, and expect to do rehab to increase the quality of the property and cash flow. My target is 5 - 20 units for the commercial valuation and value add potential. I’d like to put $20% down on a purchase price no greater than $750k. I have no property management experience and am aware jumping into this type of deal opens the door to many unforeseen problems, but 10X baby. After listening to a plethora of Insightful BiggerPockets podcasts I believe this is the most advantageous way to proceed. I have no problem getting my hands dirty, and have adequate reserves. My reasons for selecting Springdale and Rogers are as follows: Ability to obtain 1% rule, good school districts in general, low crime rate, stable tenant base (Wal-Mart and Tyson), potential for appreciation as Fayetteville has seen substantial growth, and lastly I know a few people who live there and love it. If anybody else is familiar with or in investing in the Springdale or Rogers areas, I would consider partnering and going in on a larger enterprise. I am able to fly for free as I am a commercial pilot, and I have plenty of hands on experience with rehabs I plan to put to use overseeing this endeavor. To add a huge question into this mix, the property I currently have is in the south end of Oceanside .5 miles from the beach. Option A is to sell it in a few months when the project is complete and put the money into the above investment. Option 2 is to rent it for around $800/mo cash flow, hope for appreciation, and make a smaller investment into Springdale. Thank you for your time, insight, and real estate agent references. -Danny LaMontagne