All Forum Posts by: Justin Pierce

@Tyler Holowach

1- I can't help you with which neighborhood.  There are too many factors to consider there.

2- Short term rental will likely give you the most income. Since you live in the home you shouldn't have much problem with the cities STR restrictions but I do believe you have to get a permit from the city now. Parking is a big issue and STR's are more work for you. Also, keep in mind that it can be quite challenging to convert any part of a residence to a second living quarter. If the city see's you're putting in another sink and stove they might put the breaks on your project and make you jump through hoops. When you're looking for a place it would be a good idea to find one that already has a second kitchen or kitchenette. Another thing to consider is that your mortgage company is probably not going to allow you to count the income from the second unit when you buy so you'll need to qualify for the loan based on your income alone. The first thing you should do is talk to a lender and see what you qualify for if you haven't already.

3- There are a ton of strategies for finding off market properties.  The problem is they take a lot of time and money.  Most people don't see it through.  If you spend thousands of dollars to put out mailers then you'd better answer your phone when it rings and rush over to any prospective property.  90% of the properties you visit will be no good.  The best strategy for a retail buyer looking to buy one home is to hit up the many wholesalers in the area and get on their lists.  You can pay more for a property than I can so many of these wholesale properties will work for you.  There are plenty of DC wholesalers here on BP.

@Jon Huber I just sent you message.

@Matt K. That's interesting. I've actually targeted the area around the University of Mary Washington in Fredericksburg VA. My daughter goes there and I'm paying $1,000 per month for her to share a tiny little dorm room. It's a real small school but it's near downtown Fredericksburg which I think is primed to grow and it currently has a lot of Traveling nurses and tourism so I can pay the higher prices because I have several options for increased rent: Home sharing, short term leases and vacation rentals.

Bob, Kevin, Jake, 

Thank you very much.  I'm going to hit you all up.  I'm trying to sort through all these automation options.

@Kevin Scott Yes, I'm if I can find a good virtual assistant.  I'm working on that.

@Jp Kilduff No, not yet.  I'm looking at a couple.

@Melissa Robbins Thanks for the input.  Look for my friend request.

@Mike D'Arrigo My reasons: 1- I own a big motorhome (Mobile office for tax purposes.) We drive I-70 to i-29 to pick up i-80.  I'd prefer to not have to go too deep into KC to check on properties.  2- Having properties that area helps solidify my tax write offs. 3- I general I like towns that are currently on the fringes of the big cities.  I think population is going to trend that way as people get more telework capabilities and as cities become more expensive and high in crime. 4- I specifically like Sedalia/Warrensburg because of the Air Force base.  I've visited it numerous times. 5- I appears I can hit a basic 1% rule in those areas so I don't bleed to death waiting for the sprawl to reach.

I do also very much like Lee's Summit and Blue Knob.  I'd jump on a good deal in those area.

@Sandy Magyar I just sent you a friend request. 

@Cody Petersen I just sent you a friend request.  I'd be real interested in that Sedalia portfolio.  Let's set up a time to talk.

@Zeona McIntyre thanks.  I'll reply to your message.