All Forum Posts by: Gerard J.

@Lee Ripma Thanks for your thoughts. I've only own the property about 4 months. So far I've had no issues. I expect not to have too many issues the first year as this is a rehabbed turnkey property. This is also in a slightly higher rent area - currently I have it rented just under $1200 a month for a 3/2 SFH. So I expect that the tenants are from slightly better economic pool, which hopefully translates to more dependable and responsible tenant. Hopefully. :) One thing I did not have more direct involvement in was the screening of the tenant. I put my trust in my PM who seems to have good handle on things. More years of experience will surely strenghten my ability to evaluate tenants, property managers, contractors, and other business players.

As far as the location of the propery itself, I judged the location by it's proximity to employment areas as well as general feel of the place. I'm a suburb kind of guy and this place had a nice feel for me. It's only 9 minutes from downton KC to the west and about 9 minutes to the new Cerner facility to the south. I also used the crime map from realtor.com and trulia to give me a  general feel of the safetiness factor. Although growing up in the urban part of LA, my tolerance for crime is a bit higher.   :-) 

Thanks again for your wonderful write-up and much luck on the rest of your investing journey.

Excellent post Lee. Thanks for taking the time to share your insights and knowlegdge of the area.  Definitely a lot of good points here that I have not yet implemented and should.

Quick question: I bought a turnkey property in a neighborhood in the north part of the 64133 zip (Raytown), just south of I70 called Sterling Acres. If you don't mind, do you have a personal opinion of the area?  Good, bad, meh, don't know?

Thanks

Welcome to the forums. I'm not from KC but I've recently started investing there. I was planning on attending the meetup that @Jason Van Till was referring to, but unfortunately I wasn't able to re-arrange other family priorities. 

I was planning on driving there today (all the way from Colorado) to attend but unfortunately I couldn't make arrangements on family priorities. Hopefully next time. 

@Andrew Syrios Hmmm.. so you're saying some lenders may actually consider lending more if the appraised value was higher than the purchase price? What would be the benefit of that? Only thing I can think of is possibly use some of that extra money to cover closing costs or perhaps use it to improve the property? In any case I will ask my lender but probably too late now since I'm closing this Friday. Thanks for the nugget. Definitely good to know for when I purchase my next property.

Off topic: I see you comment often on the threads and so I recognize your name. Today, during my drive to and back from work, I happened to be on the 121st and 122nd episode of the BP podcast. So I caught your guest appearance on ep 121 with you and your brother. It was a great episode - informative and really funny! :)

Gotcha! Thank you sir!

So I was wondering... a few weeks ago I received the appraisal back for a Kansas City turnkey property I'm currently buying. I purchased it for 118K with 20% down and the appraisal came back at 127K - yay!! So in the eyes of the lenders does that bring down my LTV since theoretically it's now valued higher than what I'm originally buying if for? Or is LTV always tied to the purchase price? I wondered this because if I were to be doing a refinance, wouldn't the bank be using the value from the appraisal?

Congrats man! How's everything going so far? I too am working with Pinnacle in KC currently.

As a new OOS investor to Kansas City I'd love to check this meetup out. But I'm all the way in CO. Road trip? Hmmm.  :-)

Sounds like you mean business. Congrats going from 1 to 15. All these just in 2018? I too am focused on Kansas City right now.