All Forum Posts by: Mitch Rice

@Shaun Weekes Thanks. Can you confirm that it's 2 years total landlord experience and not 2 years for each individual property?

I'm a new investor and am just now building up my portfolio. I converted my first primary residence into a rental back in October of 2014 so I have only been renting it out for 6 months.

I'm purchasing another in a few weeks and when looking for a 3rd, I've started to run up against DTI issues. I've heard from the lender and from others on BP that I need to rent for two years until a lender will count rental income.

Can someone help me understand this rule better? I couldn't find much on BP or the internet. Specifically:

• Once I have two years of landlord experience, will a lender count income from all my properties or does it take two years for each property to count?
• I'm considering selling the original property because it doesn't cashflow well, but if I do so will that reset the 2 year "timer" or will it keep going as long as I have another rental?

Thanks everyone. I'm learning a lot from BP so far and appreciate everyone's time.

@Brandon Hall Thanks Brandon. I have an immediate question and am also looking for a CPA for longterm financial planning and tax filing. I'll connect with you via PM.

As the title states I'm looking for a good CPA who specializes in REI, preferably in the greater Kansas City area.

@Isstad Rashadeem Welcome to BP! I'm a newbie here myself but have found this to be a pretty special place.

Was the real estate community in Lenexa a club? I happen to live in Lenexa but am not aware of one specific to that location.

@Jane A.

Adding tags, they didn't work in my previous post.

 I agree that it's expensive. Right now, I'm buying a few and treating them as the equivalent of a bond or low risk mutual fund. I figure I'll also gain a bit more appreciation in that area over time vs. the Missouri side. But I'm definitely interested in rolling the dice a bit more in Missouri.

To everyone else, thanks for the warm welcome! I've frequented a lot of internet forums since I'm a bit of a nerd and there's something special here at BP.

@Jane Alstatt  Sounds like a plan! I've checked out MAREI but had not heard of the other orgs yet so thanks for the info.

@Jim Viens I'd definitely be up for coffee sometime. I work at Sprint, but it's just a 20m drive to The Legends area.

@Larry Fried Thanks Larry! I feel pretty fortunate to be in a strong investment market. I recently saw an article ranking KC as the 6th in best rental market in the US. http://www.bizjournals.com/kansascity/news/2014/02...

@Cliff Harrison My current place is in Kansas City, KS by the Kansas Speedway and the new Cerner buildings. My other (hopefully) soon to be rentals are in Overland Park. Since I'm in it for the long haul, I'm planning on mostly sticking to the Shawnee, Lenexa, Prairie Village, and Overland Park areas in B+ to A- areas. 

However, the Raytown area intrigues me with the really strong cashflow and COC return numbers that most turnkey providers report. I may try one over there but I'm a bit nervous about the potential hassles associated with owning in a rougher part of town.

Mitch

Hey everyone!

My name is Mitch Rice and currently live with my wife and wonderful kids in Lenexa which is a suburb of Kansas City. Last October, we moved out of our first home (a duplex) and instead of selling it we decided to rent it.

6 months later it's safe to say we've been bitten by the REI bug. We currently have a contract on a turnkey property in KC and are hopefully going to make an offer tomorrow on a full duplex that will be our first rehab project. If all goes well, we'll be able to purchase one more (for a total of 4) by year end.

Currently I work at a large technology corporation in the area and my 10 year goal is to replace my current income with rental properties. Over the course of these 10 years, we'll be mainly investing in buy and hold properties but are also interested in doing 1 to 2 flips per year.

I've been lurking on BP for the last several weeks and am excited to join the community as an active member. I'm always up for coffee or a meet-up if anyone in the local Kansas City area is interested.

Mitch