All Forum Posts by: Joey Gorombey

@Dell J. I'm looking to house hack -- live somewhere, reduce housing costs in year one, then turn that property into an investment property in year two or three. 

Any areas or streets in particular that you'd recommend? I see most multifamily properties currently listed on the MLS are indeed south of the river. I'd be willing to do some driving and look for off the radar deals, as well!

Hey everyone! My name is Joey Gorombey! I'm from the KCMO area (graduated Park Hill High School in 2015). I'm back home after a few years out east, and looking for multifamily house hacking strategies. 

I am beginning the pre-approval process, and have access to the MLS. Next steps I should take? I am not opposed to living in areas surrounding KCMO (i.e. Leavenworth, Wyandotte, Liberty, Kearney, Smithville). Some of you may have seen my other post about investing north of the river -- I'm wary about investing south of it, but I'm not totally closed off to the idea.

I'd be happy to network, meet up, and discuss other plans!

 

To all investors in KCMO, have you had good experience investing south of the Missouri River? I am from the area, and know that properties south of the river tend to be older, and may require more work. Thoughts? 

Thank you both for the replies! My agent is kind, and means well -- she has secured several deals for my family, but has no experience in rental properties.

I'm located in Kansas City, MO. Trying to secure a property north of the river, or in Kansas itself. 
 

To anyone living in Leavenworth, Kansas-- Does the city have any fees or policies associated with it? Looking at house hacking in this area, and not familiar with it or reasonable rent associated with it. Any interactions with nearby Ft. Leavenworth, extra insurance, etc.?

Can someone explain owner occupancy and lending to me? I had a real estate agent say that FHA loans can't be used to finance duplexes because of something called "owner occupancy" and that you don't occupy the full property, you only occupy half of it -- they also say they haven't done an FHA loan on a multi-family property. 

From my own research (including articles here at biggerpockets) it seems like you CAN do an FHA loan on a full duplex, provided you live in one of the units. That's the whole point of house hacking, right? Move in for very little?

Thanks all, for the replies! @Evan Polaski -- I'm looking for a duplex, triplex, quadplex, or townhome-- anything that has 2-4 units. Small multifamily for at or under about 300k. Full units, too. 

My goal is to do what you're doing @Dylan Smith. I've been using Zillow/Redfin to look for full multifamily units! 

@Michael Dumler -- What's your opinion on listings that have been up for a while (2+ months)? Does that mean there's something wrong with the property or the price is too high? I have enough cash on hand to support buying a full duplex at about 300k. I'm looking to live in Kansas City, Missouri -- not opposed to living in any of the surrounding areas (Liberty, Kearney, Platte City). I'm from KCMO, and know that anything north of the Missouri River is usually better. There are one or two full units north of the Missouri river for about 300k each, but they have been up for a while. is this a red flag?

What is an LL Association? And, what books would you recommend?