All Forum Posts by: George Red

Hey all, I've been looking at NE Kansas City and finding information about the redevelopment of the Hardesty Federal Complex (on Hardesty & Independence)... I'm looking at a single family residence close by and was wondering about the items below. Looking to leverage some local knowledge as I seem to find information about planned development but it's light on when it's starting etc so I know it's not just theoretical. Thanks in advance.

A) Have people seen actual movement on this project moving forward

B) If you feel it will have a big impact on home prices in the immediate vicinity

@Amanda Lizana @Justin Moy @Caleb Brown

Thanks for the insight and perspective... I'm keeping my powder dry and looking for deals as they come up, it will be interesting to see how pricing goes in the coming months. I'll focus on house keeping on the properties I've closed on already and look out for deals. Appreciate your thoughts as it's helpful for OOS investors like myself.

I purchased property with section 8 tenants in place and I believe that after closing, a payment went out from HAKC to the prior owner that should have gone to me. I've been reaching out to HAKC unsuccessfully through general emails and making contact with someone that can assist in resolving this matter has been challenging. Anyone know of a good contact there or someone responsible for owner correspondence? Also, general impressions/experiences of dealing with HAKC and having section 8 tenants. It looks like the consistent steady and reliable income is a plus and minus this issue so far so good.

I've been using Home River Group and there have definitely been communication issues… as in taking an unreasonable (in my opinion) amount of time to answer questions. Their fees are withdrawn quickly… there answers not so much in my experience. Evaluating other options and as REI is newer to me… not sure if slow responses are par for the course.

I’ve purchased a few small multi units in the KC area and I’ve been keeping my eyes out for additional opportunities. I’m an OOS investor so I have a few questions I’m hoping leverage local knowledge on.

The further west I go in KC the multi family deals listed on MLS do not pencil out for me and the available rent does not support mortgage/expenses and leave cashflow. Are people buying these for appreciation and not cashflowing them banking on appreciation 3-5 years out?

I’ve also been looking in NorthEast off of Independence for MF and interested in people’s thoughts on the area and appreciation there in the coming years.

Thanks in advance.

Hey April, I'm not an expert but my 2 cents...

This resonated with me because the agent I've been using doesn't really "bring" me anything but if I shoot her a listing she'll do some of the legwork... but even then there are delays and she can sometimes be less than responsive. I've bought 3 properties through her in the past year so you would think I may get some TLC as someone who will close. I'm thinking my "fault" is not communicating to her clearly what I'm looking for from her and confirm that is something she can provide. I signed some documentation stating that I would work solely with her but will be terming that to work with additional agents as I feel there will be a lot of opportunities in the coming year. I think being clear with what you're looking for and your expectations may go a long way and ensure you're on the same page. You're frustrated but she may think she's meeting your needs and doing an awesome job.

Congrats sir... just saying the word contractors give me the willies... Seems that if you're a good contractor you could clean up though.

Hey all, I'm relatively new to REI (own 3 duplexes at this point) and been hearing opinions on some of the BP podcasts about building a team for your REI ventures and doing JV's and partnerships. Curious if people find working independently more beneficial or if a faster path to growth is partnerships... it would seem that one way you own 100% and if you have 5 people in a deal you own 20%. From your experience is one method better than the other for growing your portfolio? They often have people on the podcast that have for ex. 350 units but they own a fraction of that as part of partnerships and syndication... not the 350 units themselves outright. Am I missing something, would they be in the same place if they had taken their money and invested on their own as opposed to through a partnership/JV or syndication, I hope this question makes sense.

I'm gearing up and keeping powder dry to utilize in the near future if the market keeps softening and welcome any information/opinions. Thanks in advance.

Hey Hector, I live in CA and within the last year started buying duplexes in Kansas City Missouri. I was initially looking in Atlanta but got priced out as properties kept skyrocketing… also looked in Jackson Mississippi before landing on KC. Reasonable priced major city but looking at other cities now potentially but haven’t invested the time into understanding another market yet.  Let me know if you have any questions or I can help with anything.

Quote from @David Kelly:

@Cody Burckhardt

You are able to do what is called Delayed financing. Since it was paid in cash you can immediately do a cash out refinance with normal LTV guidelines. The cash out may not exceed the purchase price plus closing costs. Reach out if you have any questions on this.

What David Kelly said… just closed out a delayed financing transaction earlier this month. I just let my lender know my intent while the cash purchase was still in process so everyone was on the same page.