All Forum Posts by: Chris Dawson

@Christopher Throop this property is located close to the new $4.4 Billion (Not Million) Cerner complex being built at I435 and Bannister Rd.  This development is supposed to bring in 16,000 new jobs, most of which will be good paying IT jobs.  This should cause an increase in residential property values all around the complex; strting in a few years.

This is all great news for a real estate investors!

@Amaka Nzenaguora I have sold several houses in Kansas City for under $2k.  I can assure you that a $1500 house will require WAY MORE than $3000 to fix up!  If it is "gutted" you will spend AT LEAST $25,000 fixing it up, and that is being very optimistic.  You are probably looking at closer to $40k to get it livable.  

You need to run away from this property!  Run fast!  It is a money pit!!

@Michael H. welcome to BP.  It sounds like you are headed in the right direction.  The price range you noted will put you in some of the not so good neighborhoods, but your cash flow would be high.  Before you buy your first property, make sure you connect with your lender to explain your plan and get their approval/criteria.  Its never fun when you think your lender is good to go, but when the time comes, they say they can't/won't lend on that particular property or they can't/won't do that type of loan.

@Julie Macdexcellent write up! Keep us posted on what you end up buying.

@Kevin Davieswelcome to BP.  Definitely get started with networking.  There are several good ones here in Kansas City.  When choosing your Realtor, make sure you pick somebody who has experience working with investors!  Traditional real estate agents don't have a clue about what investors want/need.  Make sure you interview at least 2 or 3 agents.

Good luck! 

@Andrew Dillard I agree with @Edward B., the big banks are worthless.  Who are you trying to use?  Central bank and Arvest bank are usually pretty good about lending to investors in Kansas City.

It does depend a lot on location.  None of the banks will admit it, because redlining is illegal, but most of them are really strict about WHERE they will lend.  If your 4 plex is anywhere close to HWY 71, then you will have a harder chance finding a lender.  

If you have lots of cash but don't want to use it all to pay for the 4 plex, find a smaller local bank where you can open up a savings account and possibly a CD.  Smaller banks are much more willing to invest in you if you invest in them.

@Sean Casey welcome to Bigger Pockets! I would suggest you get started on networking right away. Check out the local REI networking groups. MAREI and Winvestors are two of my favorites.

Let me know if I can be of any help.

Good luck!

@Veronica Paez these are really questions you should already have answered BEFORE you try to sell a house!  OK, I'm done lecturing, now to help you...

Do you have a written contract to purchase the property?  If you don't have anything in writing than you don't have any legal right to buy or sell the property.  You need to get the property under contract ASAP.  You can find contracts in the BP Tools section.

What contract you use depends on your strategy and what your seller agrees to.  A contract with an assignment clause would be the easiest and most transparent contract to use.

You also need to get in touch with a title company to oversee the transaction and to record the deed.  There are hundreds of them to choose from in Kansas City.  Find one that works well with investors.  I have had good success with Alpha Title and Secured Title.  I can give you contact info if you PM me.

@Armand P.  I work exclusively with investors who want to invest in the Kansas City area.  I'd be happy to help you with any investing needs.

Just to clarify, I think you meant to say Clay county instead of Clayton, correct?  Clayton is a city in St. Louis on the other side of the state.  Clay county is right next to Platte and Jackson counties.

@Adam Sharp if you want to stick with multi family properties, you will definitely need to look outside of California.  For $100k, your not going to get a lot of units, but you can get a really good duplex or triplex in Kansas City for that amount.  If you want to be a slum lord, you can find 4-6 unit properties for that price in KC.  There are plenty of them to be found.