All Forum Posts by: Eric Scheele

@Karlos Rueckert . Welcome to BP and the world of OOS investing.  We will welcome you to a tour anytime you are in town.  Good luck on your research and investment endeavors.  Be sure to lock in to good local eyes wherever you end up investing as they will be your key to your success and equally as important as the day you make your first purchase. 

We tend to be investor specific with St Joe.  It is a rental market, lets put it that way, but it is not for everyone.  For those looking for organic equity with mortgage payoff and ascending home values, St Joe is not for you.  For those looking for solid class C homes, an occasional class B homes in town and spread through a few of the surrounding towns, ie Wathena, KS or Savanna, MO on a passive cash flow investment plan with at times great bang for your buck, St Joe can be a market worth target.  We personally own 19 doors in a garden style building and 3 MF duplexes in and around St Joe and we do not have issues with tenancy rates and remain cash flow positive.  We do see a bit more maintenance in those MF duplexes at they tend to be turn of the century homes with turn of the century issues - shifting foundations, galvanized plumbing, pop fuse electrical, ect.  so buyer beware, especially OOS investors.  Be sure to lock in to local eyes you can trust.  

Happy Investing... 

Eric

Welcome to Kansas City Ty and welcome to BP.  

Eric

MidAtlantic started a branch in Kansas City under the David Lang about 2 years ago. At that time, I think I may have been the 2nd Kansas City customer and couldn't be happier with the service and attention we get from David , Jack, Lisa and staff. On the turnkey side, we have a couple MidAtlantic customers using SD IRA funds for our fix and flip and buy and hold projects and they seems to be happy with the group as well.

We can assist if needed + plus we know the distressed channels.

Best

Eric

@Dalton Dyer given your variables (specifically the low to no capital),  I would suggest you stay focused on Atchison / Leavenworth markets.  Maybe the Kansas City market, but I think your price per pound will go much further in both your local markets and are good rental markets overall.   We start many beginning buy and hold low cap investors with 2 to 4-plex units in Leavenworth.  Atchison tends to be a bit further out geographically for our appetite, but we monitor it from a higher level for low cap investment indicators in case needed.   I think Atchison is a good market for you to start your search.  You know the area, the price per pound is there and you will not need to travel to monitor your investment progress.  Get to know your local market.  There are times when we don't mind working with new remote investors, but they would be in a much different financial stratosphere than where you are today.  They can afford the loss if it happens - not to say it would - but just in case.  It is an investment after all - good and bad.  And if bad is going to happen, it will most likely happen at the beginning.   Limit your exposures and variables by staying local.  

To address your cap limitations, there are lenders that will have specific low down buy and live in programs with competitive interest rates that allow you as an owner occupant to finance a 4-plex as long as your live on site for a full year.  Talk to lenders, ask questions and learn.  Many lenders will vary their programs to create niches for customers and remain competitive.  Ask around and see what your can find.  

Good luck in the search. 

@Dan Cumberland - noted Dan.  Its not uncommon that we come around 2-4 units.  We just moved a 4 unit in Strawberry Hill last week - nice up and coming area though it still has plenty of time before turning.  We do have a duplex in KCK and working early paperwork on a 4 plex in Shawnee area - both are 15 min from Overland Park.  Shawnee is very similar to Overland Park - KCK is solid, but not Overland Park and not Strawberry Hill, but can be very solid areas. 

@Charles Moore a bit late to your post, but interested in how your project and development has gone in the Kansas City market.  Maybe a year review would be interesting.  

Hi Dan,  the MF over 4+ unit in Kansas City can be tough to locate, but not impossible..especially in the off market channels.  What specifically are your seeking in regards to units / price / location in Kansas City? 

Just replied to another post on the KC market a few minutes ago.... copying here FYI. 

Kansas City is a great market for all class sf investment homes. Turn key class B - C homes are available for those in off market conduits. A bit tougher, but still very doable on @James Wise on securing inspections, clear title and the default appraisals. On the KS side of Kansas City, the foreclosure laws for WY and JO counties ensure clear tax burdens prior to any sales. MO side of Kansas City needs a bit more due diligence in the same channels. Do you homework and deals on both sides of the state line can be had in KC.