All Forum Posts by: Eric Mensah

Hey, Scott. I'm sorry you got some unhelpful responses. I don't know why people take the time to NOT be helpful. I'm happy to take a look at your link and let you know some initial thoughts. You might find it helpful to join a group like THE MTR Connect, which I co-host with @Jamie Banks. It's a group that meets virtually every Friday from 9-10am PST and is specifically for MTR hosts. We have newbies and very seasoned investors in the group and the sole purpose is to help people with their properties, whether that is sourcing & qualifying markets, set up, trouble shooting or building a network of go-to resources. You can even share your link to the property or market you're considering and let folks weigh in in real time. We've helped a lot of our members trouble shoot and make minor tweaks to their properties to improve the performance. I'm sure our members would be happy to help you, too. PM me if you're interested - it's free - and I'll send you the link. Hang in there!

Meeting end of this month - October 30th 3-6 pm. Strang Hall Overland Park! Will I see you then?

Hey - yes! I co-host a meet up group with @John Wires and KC Capital Group. We have a meet up this wednesday 3-6 p.m. at Strang Hall in Overland Park KS!. Hope to see you there. The group is called the KC Multifamily Meet Up Group. 

Welcome .  . be sure to find our next monthly meeting on the 2nd Tuesday of the month, which right now will be October 8th, at the Double Tree in Overland Park.  Our guest speaker is David Randolph from St Louis on Short Sales

MAREI Members and first time guests attend for FREE.

Doors open at 6pm for Networking and our Trade Show.

Buy Sell Trade is at 7 pm

And David takes the stage at 7:30

We wrap up about 9.

We also have a bunch of smaller meetings all over our calendar.  
MAREI.org/Calendar

Thanks for the mention @Andrew Syrios 

Look in the Midwest, there are thousands of opportunities, in Milwaukee, St. Louis, Toledo, OH.  These properties don't have the Coastal Appeal of appreciation, but they will cash flow over 20%.  Also, financing for 1-4 unit properties is heavily competitive vs looking for financing for 5+ unit properties. Let me know if I can be of assistance.

 Thanks for sharing!Unfortunately house hacking is kinda out of my reach.I have a 3 bed 2 bath primary that my wife and I live in with my 2 adult sons,which need to start investing in there own home by now lol,20 year old and a 23 year old.And my wife loves animals so some of those too.So I come with a lot of baggage to house hack I believe,unless there is a way I am not aware of.Sounds like your off to a great start,keep going forward!

I came across bigger pockets and I became infatuated with Real Estate & the house hacking strategy. I am wanting to invest 100% into real-estate whether it is flip and sell and/or long term rentals. I would need a multiple unit since I have family and kids. Unfortunately, now I'm realizing house hacking might not even be a thing with the new test they are doing in 2023. I was planning on using an FHA loan 3.5 % down but I make about 80k a year and have about 120k saved liquid. Any advice on how to invest my money in real estate while being the most efficient? Thank you.

@Eric Mensah living in a duplex and renting out the other half as a short term rental (we were told) is completely legal and considered an owner occupant STR. You could rent the other half out 365 days a year as long as the other half was your primary residence. You'd still need to get registered with the city before listing your property and now we have these pain in the butt short term rental taxes we have to collect and pay every quarter. But you should be good to go and probably not a bad business plan. The city finally got airbnb and VRBO to delist several hundred (unlicensed) listings so the number of STRs in KCMO is way lower now than it was a year ago.

I would contact the head of the STR program and ask him about your specific property and situation before putting money down just to double check there's not any quirks that might keep you from it but the city did tell us duplex with owner on one side and airbnb on the other is legal and considered owner occupied.

I have experience in Kansas City Missouri and wouldn’t recommend our market for the next few months/year. The city just passed a new ordinance in May regulating the short term rentals (80+% of the current 2200 airbnbs are illegal) and the city is cracking down on them. I suspect most of the illegal Airbnb operators will go to monthly renting and flood the market as they have no path forward to be a legal Airbnb in a residential zone anymore unless they are an owner occupant.  Probably in about a year the oversupply should be gone but it’s going to be a rough ride until then. Have a friend who does monthly renting to travel nurses and said rates are less now than if he was renting by the year unfurnished and not paying utilities. 

https://www.kansascity.com/news/local/article279307904.html?...