Californian who invests in KC here. I look for a good price to purchase ratio - 1.5%, in a good neighborhood (Independence/Raytown or farther East), with good schools, in homes families want to live in long term (3 bed, preferably 2 bath). My numbers don't look that good in a flow chart next to the expected numbers of guys buying in lesser neighborhoods but long term I expect my investments to be more profitable. Out of state investors need to feel safe, they need to know they are in decent neighborhoods.
Opportunity with a private fund... what do Californians want?... targeting rent ready properties with tenants in place. My guess is that you are building a turnkey company.
My advice is to invest your time in educating yourself. Somebody who just finished college probably wants to puke when you hear that for the millionth time but I'm talking about learning useable information, not general ed. Listen to the Podcasts available on BP, they are awesome. The podcast guests recommend books too, if you do a quick search you can find the most often recommended books in the podcasts, all worth reading. Get active in the forums, don't feel bad about asking newbie questions or even giving advice, sometimes being corrected on something you thought you knew is the biggest learning experience.
