All Forum Posts by: Jason Fike

The Kansas City market is great right now. I was lucky to find a management team that knows the neighborhoods, finds me great deals, understands the market and rents. They really do it all. Buy, sell, manage, repair and provide advice. I couldn't do it without them as I am not overly familiar with Kansas City. Reach out if you'd like me to connect you with my pm. Good luck!

I've been using Shelter. A bigger  pockets member recently referred rei guard. Got a quote from them last week...very good quote. Either work great for me but Shelter recently tripled one of my policies due to asbestos siding. So I'm switching ti rei for that one.

Is there a bp dictionary?

A real estate dictionary would be nice. Especially a listing of all the abbreviations used in rei. Having all this in one location would be handy.

@Mike A'rrigo Yes all valid points.  I'm local but didn't grow up here. I did my due diligence in finding my pm. I trust in their expertise. However, there are areas close to this zip code that we won't touch. The pm said the exact thing you said...you won't find/keep good tenants. I heed their advice and I avoid these areas. Thanks and good luck!

I've got some props close to this area. Mostly rough neighborhoods. Just south of there is one of the roughest neighborhoods in KC. But there are investors and property managers that specialize in this area. There's money to be made there. There are some nice pocket areas there also. I did my research and found a pm that knows what works and what doesn't. Lot of section 8 props around there too.  And some pms that specialize in section 8 as well.

I've got 4 free and clear units.

I paid 30k to 45k per unit.

I'd like to leverage only one unit.

I would like to leverage about 30 to 35 to buy another rental.

I got good deals in these units also.

They are worth approximately 50k to 65k each.

My credit score is good but I do have a "blemish" in my credit from 2008.

Is good credit needed to leverage property I own free and clear?

I'm considering leveraging one of my f&c properties in order to purchase another prop.

Also...the property is titled to my LLC. How does that work? Would the loan be in my name out the LLC?

Yea there are differences in landlord policies and home owners. Home owners might cover things like theft, Coverage for furniture and personal items. Perhaps even cover your auto being burglarized if it's on the property. Landlord policy wouldn't cover stuff like this. My policy doesn't cover appliances either. And your deductible are generally higher with landlord policy. It will cover stuff like vandalism and new roof but it takes into account the depreciation. It's going to cover fire and debris removal. 

Mine doesn't cover anything water related...Like flooding or pipe busting.

I had the same issues you're having...outrageous quotes. Finally discovered Shelter.

I'm in KCK. My rentals are in KCMO. I ran into this issue. Then I ran across Shelter Insurance. Great deals. Around $300 a year for a landlord policy. You will pay a lot more if the property has asbestos siding...many of the older houses do have asbestos. One of my houses has asbestos and it's roughly $900 for the year. Call them and ask them about the landlord policies.

I'm looking for some advice on how to maximize my earning potential. 

1. Should I sell the property I own to buy more? Or be patient and keep buying, holding, renting?

So far I'm off to a great start. 

I hooked up with a wholesaler who also happens to be my property manager. I picked up 4 rentals this year...(paid cash).

I'm all-in these 4 rentals for 153k. The actual value of these properties is 235k.

They cash flow roughly 32k a year. This is after management fees and taxes. This doesn't include vacancies and maintenance.

I have a full time job that keeps me away from my family. Looking to quit my job asap and live off my RE investments.

I'm currently cash poor also as I've spent my savings on these 4 deals. It will be 6 months before I can buy another prop.

What would you do?

Side note: Just because these 4 units are worth 235k doesn't mean I could quickly sell them for 235k.