All Forum Posts by: Jonathan Schneider

@Kyle Anderson Hey Kyle, I'd suggest listening to audiobooks in the car or whenever you have free time. I just finished The 10X Rule and Be Obsessed or Be Average by Grant Cardone. You want to talk about motivating! I spend a lot of time in the car, feeling unproductive going from place to place. Where before I could only manage to read maybe 2 books a month, now I'm up to 4 or 5. The biggest thing I've learned is that there is no need to reinvent the wheel. Stand on the shoulders of 
Giants!

@Johnathan Massie Just because home prices in K.C. are depressed compared to Minneapolis, that doesn't necessarily mean rehab costs will follow that number. I think $30,000 for a full gut job is very optimistic, even for a small house in K.C.. Just think, if you need to replace HVAC, you are looking at 5k on the low end. Drywall guys aren't cheap. Say 6-12k depending on if you want to redo ceilings or not. Completely replumbing and electrical? Easily more than 10k . Then you need to consider new finishes. Cabinets, countertops, sinks, tubs molding, tile, carpet... the list goes on and on. So... it depends on you definition of a full gut job. 

Also from experience, it takes an incredible amount of time and effort to piece together a good rehab team, interviewing and getting quotes from multiple subs for each individual trade. Your best bet is to find one person that can handle the whole job for you and has reliable vendors in place. 

I've worked with Platte Valley Bank quite a bit, especially Ruth Nelson out of Platte City, commercial lender. Great people.

@Brandon Presley Good advice from @Rich Kniss. If I were to do it all over again, I'd definitely start house hacking in a duplex or some other multifamily. If you want to get started faster, there are ways to leverage your finances. check out Brandon Turner's book on BP about investing with no money down. You can always beg and borrow from family and friends as well. Remember, the sooner you start and start doing it well, the sooner you can start reaching your goals!

@Timamu Hakim Welcome to BP! I learn something new on here every day!

@Lee Warren There are still a few deals to be had in 64134, and I expect the rents will be going up as the Trails Campus gets into full swing. Average rent in the area is $700-$750 depending on 2-3 bedroom. Not too much inventory under $100,000, and with 16,000 jobs moving there shortly I think these homes will be appreciating.

@John Hiero I think you have the right idea about sticking to your home turf. Presumably, you know the areas where you would be ok with you wife walking down the street by herself at night. I like the idea of town homes and condos, but you do need to be mindful of the HOA fees and that they don't cut into your cash flow too much. Definitely a good idea to start looking into Property Management companies. Maybe start going to local REIA meetings and asking other investors who they use and would recommend. The good thing about investing close to home is you can personally go check up on a property when ever you are back every 3 weeks or so. That will be especially important before you get really comfortable that a property management company is doing a good job for you. Best of luck!

Great! @Brian Wilson. Let me know if there's anything I can help with in the meantime. I know you have an agent, but KCMO is a very big market, so if you need someone more familiar with the Northland and St. Joseph, let me know.

@Rich Kniss. Thanks for the mention. Our investment group is called Tycoon Talk. @Brian Wilson, it would be awesome to have you join us. First Wednesday of every month at 11 AM.

So, with my construction background, I've been asked by several out of state and local investors if I could manage rehab projects for them. I'm interested in doing this, but I need to establish a network of specialty contractors to bid jobs. I have one coming up in about a week. Calling all contractors. Get in touch with me. I'd like to see references, proof of insurance, and examples of your work. Priority in finding:

Foundation repair

Electrical

Flooring

Drywall