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All Forum Posts by: Garett Weber

Garett Weber has started 1 posts and replied 56 times.

Post: Rental investment opportunities in Overland Park

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Imtiaz Koujalgi 

I may not be able to answer your Q's directly---But there is plenty of rental demand in OP/Prairie Village for higher end single family homes. I'm not sure if that translates 100% to condos as rents in this area are higher relative to the majority of KC. Many tenants paying OP rent rates are looking for their own upscale private home, backyard, more sq footage, etc. 

Overall though, OP is a very desirable area of KC for both homeowners, investors, and tenants-- so I doubt you will run into issues with vacancy even in a condo. Any particular reason you are targeting condos as opposed to single family homes?

Post: Architect Looking to Transition to Development - Any ADVISE?

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55
Quote from :

Greeting BP Network,

Long time listener first time (writer), but I have a life-transition question that I thought I would throw out to the community for advise. I am a licensed architect who's spent the last 10-years doing the traditional architecture thing. But in the last 4 years or so, I've been bitten by the real estate bug. Now, I've spent those four years consuming hundreds of hours of podcasts, youtube videos, I've read BRRRR/Multi-Family Millionaire etc, but I want to build on my knowledge by leveraging my skills as an architect to get a foot in the door at a developer.

What I don't know is how to sell that skillset "swap". How to sell the value I can bring to a developer in pre-construction, deal analysis (zoning, building codes, etc) and construction management on company projects in order to learn more about the $$ side of the equation for a commercial developer. 

Currently I live in Portland OR but I am planning to move back to my hometown of Kansas City in the next six-months, and aside from cold-emailing top developers in KC, any advise on this proposition? I appreciate the wealth of knowledge, and if you've read this far THANK YOU!

 @Spencer Davis might be a good resource for you-- has some background/connections in development here in KC! 

Post: Connecting with locals

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Terek Henley I'm happy to chat, I'll shoot you a message with my contact info.

Post: Aquiring Private Lenders

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Kyle Daniels I know Jeff Basler with SLS Financial has several options for investors that may be alittle more attractive than typical hard money loans, and he has been developing some longer term/portfolio products too. He's helped 3 investors I work with close on properties the last 6 months and is very easy/efficient to work with! Here's his website, and I'd be happy to shoot you his personal number in a DM. https://www.kcfixandflip.com/

@Paul Higbie also has some great options for private money/hard money, and has been just as easy to work with, and I can send you his number too! https://www.icpkc.com/

One of my clients used Lima One Financial previously and had a $10MM LOC that they used to BRRRR properties in 7 different markets. This may be more the product you are looking for?! Though I will note that in my client's experience, Lima One moved a bit slower than most Hard Money / Private lenders as far as appraisal timelines and lending approval.

Hopefully that helps! Keep killin it here in KC!

Post: New Private Money Lender

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Sarah Barrett Speed is the name of the game! Investors look for a lender who can 1.Give lending approval quickly 2.Close in 14 days or less and 3. Communicate efficiently and stick to their terms. 

A few private lenders in KC have competitive rates and can give a thumbs up or thumbs down on whether or not they will lend on a deal in 24 hours or less, before their official appraisal/inspection. This allows buyers to put properties under contract quickly, which is necessary in such a competitive market with very little inventory. Clear communication is also very key--and not just with your borrowers, but also with title companies, scheduling appraisals, agents/wholesalers and all parties involved! These lenders make it easy on the investors I work with and get all my referrals!

The KC REI facebook groups and MAREI are great for networking! I definitely recommend going to investing meetups/networking events-- several in KC monthly!

Post: Structuring Equity Partnerships

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Caleb Smith I agree with those above -- In my experience, MOST investors would rather have a set PM expense and keep all their equity, rather than split profits with someone who doesn't have skin in the game. If you are able to build a relationship with them and actually provide value (save them time, bring them deals they wouldn't have seen, manage their property at a lower expense, etc), some investors may consider sharing some of the equity if that value provided is ongoing. Once your value/track history is proven longer term, finding passive investors with capital that are seeking reasonable returns should be much easier.

If funding is your biggest issue, I would focus on what you can do to position yourself for a deal by yourself. Minimize your personal expenses and increase your income however possible, even if that means picking up extra shifts or a second job temporarily. Explore all options from hard money/private money lenders, house hacking a small multi with an FHA loan, owner financing, etc. Plenty of BRRRR opportunities in KC once you are able to save up $25-30K in cash!

Post: Newbie first deal can't decide

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Dolina Maharjan The Waldo area here in KC can be really great for LTR's and STR's, though it can be hard to find good deals as this is one of the most competitive areas of KC for investors. As far as rehab estimate of $30K-- a new roof, 2 water heaters, mold remediation, and a punchlist of little fixes (ex: rehang doors)-- there won't be much budget left for anything else (especially if the foundation does in fact need work). Happy to help you take a closer look at the deal and give some additional insight, feel free to shoot me a DM.

Jonathan Jennings with Falcon Foundation gives free quotes (normally can do same day or next day) and is well trusted throughout KC. Olson Foundation does good work too!

 https://falconfoundations.busi...

https://olsonfoundationrepair....

Post: Airbnb (short-term rental) managing in Kansas City, Missouri

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Brady McPheeters I'm not familiar with the 30 day + law that you are referring to-- but might be able to assist if you clarify. As far as navigating STR laws/HOAs, I think its best to have a PM with experience operating STR's specifically in KC to prevent as many headaches as possible and answer any questions you may have before-hand. Tyler Shirk's team with Bear BnB is the "go-to" for STR PM in Kansas City-- and they specialize in taking control of the property, furnishings, and pretty much handling everything. Not sure how many units they manage now but the last numbers I heard were in the 50's-60's range, and is probably much higher now. The link for their website is below, hope that helps!

https://brownbearkc.com/bear-b...

Post: Airbnb (short-term rental) managing in Kansas City, Missouri

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Brady McPheeters I'm not sure which area has the greatest returns for STR's, but Midtown, Westport, Plaza, Waldo areas are great for STR's. The area right around the KU medical center and into Overland Park can be good too. Pendleton Heights is another option that is alittle closer to Crossroads/Downtown KC. 64109, 64110, 64111, 64114, 64124 are a few of the zipcodes

Post: Networking opportunities in Kansas City MO

Garett WeberPosted
  • Investor
  • Kansas City
  • Posts 64
  • Votes 55

@Elizabeth Palma Welcome to KC! I would look into going to some of the investor meetups throughout the KC area. Great way to meet other realtors, lenders, and generate some leads! Checkout the MAREI Calendar as most meetups are on there.