All Forum Posts by: Matt Pritchard

@Robert Phillips those numbers are pretty common in KC, not sure about NC. My criteria is I need to be all in at 80% of the ARV (purchase + plus rehab = 80% of ARV). And absolute minimum is rent being 1% of ARV. $1000 rent for $100,000 ARV.

I second @Brock Thomas .  I have a lender here in KC that works at the 75% mark.  Maybe the same one...

We'll have to compare notes!!

Welcome @Eric Gibson !

I have a flip in Brookside (a nice area of KC near the Plaza).  We had issues with the original plans and KCMO not letting us do all we wanted to do.  As a flip we will make maybe $5k.  

I am rolling around the idea of using it as an Air BNB - I just have little experience with that.  I'd love to connect with some experienced vacation rental pro's and especially any who specialize in Kansas City, Brookside, or the Plaza.  

@Brent Kiger I agree with @Andrew Syrios , you should be ok to rent out the 1/1.  Allow pets, and if at all possible get the utilities out of your name.  That's a huge liability and most tenants (especially in nicer areas like Gladstone or Riverside) expect to pay their own utilities.  

WOW!! 

@April O'Hare I second what @Andrew Syrios said.  I think Waldo would be my first choice.  Also, admittedly, I don't know enough about Hospital Hill.  Hyde Park would work for having multiple units in an existing larger house.  But be careful on zoning.  They're picky.  Waldo rehabs are simple and easy.  

Everyone expects basements to leak a bit, so don't mess with finishing those.  Usually, they have nice hardwoods and some good looking trim work.  

I think Waldo and Hyde Park are near their full potential on values in the KC Market.  I think they'll grow in step with other parts.  Probably not looking at either of them being a big boom area.  

@Brock Thomas I think you have landed in a great place to find what you are looking for. I have nowhere near the experience you have. Coming up on just 2 years full-time doing REI. But I have 5 rentals and have done 7 flips. I have been fortunate enough to make friends with some great investors locally and across the country who have been invaluable in helping me grow. I'd love to talk shop sometime.

@Cassandra Jones Welcome to BP!!  

This is a great project for someone with a great design sense.  This neighborhood is full of tear down, new construction.  This corner lot isn't ideal for a teardown, so the properties best use is as a flip.  If you add a 2nd story and design a showstopper kitchen and master suite you should be able to hit $780,000 to $825,000.  

Here are your best two comps - both rehabs just a few houses away. Puts the final value between $780,000 and $825,000.
http://idx.mobilerealtyapps.com/heartland/heartlnd/2049588
http://idx.mobilerealtyapps.com/heartland/heartlnd/2061262

Here are a few pictures: https://drive.google.com/open?id=1khIrN7mSw-yV2kEbsj1BIEFoilgjO-Yh