All Forum Posts by: Katherine Conrad

Thanks so much @Account Closed

BP has been an incredible new source for me. I am very surprised at the helpful environment. I will continue to engage with BP as I move forward. Hopefully one of these days I can actually get a deal going!

Do any of my fellow real estate folks here in Kansas City have a tax accountant with experience in real estate that they can recommend?

I want someone who can look at our personal tax situation and guide me on pros and cons of how to set up a RE business.

Prefer someone North of the river, but am willing to drive for good advice.

@Account Closed

@William Robison

I could probably do a meetup on June 25. Keep me in the loop on the details!

@Mike Landry

I too am new to the REI world here and am in a similar situation. Dad would be willing to loan me money. It makes sense in my brain to buy, flip, sell and repay Dad. What about a buy, flip, hold, rent? Do you refinance once it is rented to get the money out to repay the family loan? How much will they allow to re-fi?

@Account Closed

Three or four of us so far from KC North of the River and a couple more from other parts of the metro. I certainly would be willing to setup a meet & greet maybe later in June. Never hurts to share ideas and network.

Thanks @Phillip Syrios. I am expecting it will take us some time to just get a foundation for a business in place and get some marketing going for leads. I appreciate knowing there are others out here that can offer referrals.

Are you in an REIA? I saw a link to KCIG.org and considered it for networking purposes. Worthwhile?

Hi! My name is Katherine Conrad. I live in Kansas City, MO. I am thrilled to have found such a great resource site. I have been reading non-stop for the past 24 hours.

I spent 16 years as a corporate accountant. I am currently at home with the kids teaching online accounting courses. While it is a nice flexible work option, the income potential is limited. I have been searching for a new business venture with long-term potential.

My husband and I currently own a vacation rental in Colorado, but I look to get more actively involving in real estate investment here in the Kansas City area. I would like to concentrate in the area North of the river near where I live. From all of the reading on different niches I am pretty convinced that with my business/accounting background and my husband's background in structural engineering and construction that flipping is our best bet.

I look forward to taking advantage of the wealth of information here on BP and getting started hunting for our first deal.

I just joined the BP community and thought I would add in my personal experience on this topic. My husband and I own a 1BR/1BA ski condo in Keystone. We live in Kansas City, so we pay a management company that handles all of the details like contracts, payments, cleaning, maintenance, keys, etc. They book some rentals for us, but we get most of our bookings from VRBO. We put about $10k in for new furniture and upgrades when we purchased. Net of commissions we cover about 75% of our costs each year which includes the $350/mo HOA. Season is Thanksgiving through end of April depending on snow. We book a solid 100-125 nights during the ski season and only 25-50 nights the entire rest of the year (mostly weddings in July/August).

If you are looking for a positive cash flow on this type of investment, run. Run fast! My advice, don't go on the cheap if you really want to maximize rental income. Concentrate on location and make your unit stand out in the pictures. You would be amazed how many people book with us because of the trendy red couch in the photo!

If you do purchase, look to do it April - November when inventory is higher and owners are not getting any rental income. They are less likely to negotiate a sale when they are getting ski rental income. Many take their properties off the market during the ski season and put them back on sale in April when rental income dries up.