All Forum Posts by: Chris Dawson

@Julie McCoy others have already commented on the Raytown/Grandview areas, so I will just say that if you are wanting to invest in an area with good schools, then you should also be looking at areas north of the river in Clay and Platte counties.  The North Kansas City School District, the Liberty School District, and the Park Hill school district are all north of the river and they are all better than the schools in Raytown or Grandview.

@Aaron Smith welcome to BP.

Your first goal should be to learn everything you can about your specific strategy and market.  Take advantage of everything you can find on this website.  Ask lots of questions.

Make sure you also look into the local REI clubs. MAREI and Winvestors are two of the best that I have been to. Network like crazy!

@Seth Todd send me a PM.  We specialize in property management for out of state investors.

@Austin Walters let's get together and discuss your goals further.  Send me a PM so we can connect.

@Brian Twigg welcome to BP.  Kansas City, as with most midwestern cities, is a great place to have a buy and hold strategy.  Because you will be investing from out of state, there are a few extra steps you need to take to insure your success.

I would highly recommend planning a trip to Kansas City BEFORE you purchase anything.  Take at least 2 full days to check out the areas you are interested in.  Make sure you eat some BBQ while you are here :)

Before you book your trip, contact at least 2-3 real estate brokers, 2-3 property managers, and 2-3 general contractors.  Choose only those who have experience working with out of town investors and make plans to meet with each of them at their respective offices.

If you are going to be using a lender, start making contact with local banks.  You are more likely to get a loan on an investment property from a local bank than from a national bank.  Smaller banks may require you to open up accounts with them before they will lend, so do your homework.

Make sure you have all of your company docs ready to go. If you haven't already, get your LLC set up ASAP.

Feel free to contact me if you have any questions.

Good Luck!

@Austin Walters its always good to hear from fellow investors who want to get their license.  I have been licensed in Missouri and Kansas since 2004.  

I was with:

• Keller Williams from 2004 - 2008
• An independent broker from 2008-2009
• Set up my own independent brokerage in 2009
• bought a Century 21 franchise in 2012
• Went back to being an independent broker in 2014

Here is what I have learned:  

If you want to be a traditional residential real estate agent, you should probably join one of the big name brokerages (at least for the first couple of years) so you can benefit from all of the available training and experienced agents.

If your goal is to do investment real estate, then don't waste your money going to a big name brokerage.  Find an independent broker who is focused on working with investors and learn everything you can from him.

@John Roeder your goals are easily attainable in Kansas City.  Just make sure you do your research on your properties AND on the local team you choose to work with.

Good Luck and let me know if I can be of any service.

As an investor, you want to avoid this deal.  It is intended for owner occupants.  The city puts ridiculous restrictions on the property and what you can do with the property.  You have specific timelines that you have to meet for getting the property off the endangered list, and for getting it livable.  If you don't meet these deadlines, the city can take the property back.  The paperwork is a nightmare.

The funny thing is, the Kansas City Land Bank has been selling homes like this for this price for years.  It took a politician to come up with the idea to promote it as a "$1 program" to get some attention.

As @Gordon Cuffe said, you can find way better deals and without all of the government interference.  

Welcome @Caleb Boeckman.  Keeping your day job while getting your investing up and running is the smart way to go.  That is exactly how I started out in this business.  Good luck and let me know if you need any help in the KC area.

@Kalin Pfanmiller welcome to BP.  You can be successful with either flipping or renting in Kansas City, provided you buy at the right price and in the appropriate location.  Deciding between using hard money and contractors vs traditional loan and sweat equity is really a choice that only you can make.  

If you want to go about investing slowly and steadily AND you like doing your own renovation than you should go the traditional route.  You will make more money this way since you are doing the work yourself and paying a lower interest rate.

If you want to turn out properties quickly and don't mind giving up some of your profits, then find a GC and get a hard money loan (if needed).

The most important step is to do all of your research BEFORE you buy!