All Forum Posts by: Milton Chamberlain

My understanding is that there's no definitive answer regarding if a grandfathered license will transfer with the sale of the property. I've heard that you would need to buy the actual business LLC associated with the STR license, but never had confirmation on this.

I have helped several folks by short term rentals in the Kansas City metro. Johnson County, specifically Overland Park large homes are the most profitable, from the numbers that I've seen and heard, but they are legal in other regions as well, such as the I 35 north corridor of Claycomo, Pleasant Valley, liberty, and Kearney, Missouri , although there are specific things to consider regarding each municipality and how they treat short-term rentals. An example, Liberty charges a 10% hotel tax on all revenue. In Overland Park, it's important to note that a majority of the HOA's do not allow short term rentals, so you should avoid those homes.
you can typically find the information pretty easily by searching each cities website.. But to save you some time, most of the Northland does not allow it, or it is at least very difficult to obtain a license. The only areas allowed are in the north east and then way up north in Smithville. Which has a large lake, so not a terrible place for a short term rental. Then down south, essentially the only areas that allow are a majority of the Johnson county Kansas, cities, so Overland Park, Shawnee, Lenexa, etc. there are a few little ones that don’t allow, but you can find that info on their websites . I haven’t checked in on the status of the Southeastern portion of Jackson County recently, so not sure what the current status is over there for places like independence, Blue Springs, Lee Summit. 

Johnson county is an A class market. it’s for more of an appreciation play, and of course flips can do really well there. I have some Investor clients specifically looking in the Blue Valley school district of South Overland Park, and they are primarily buying For the appreciation of the area. Rents in that specific area are $2800-$3200 1500-2200 sq feet 3-4 beds 2.5+baths fenced in backyard garage yadda yadda yadda…They are concerned with cash flow, so they would put down a large amount. Obviously a bad cash on cash return, from a cash flow perspective… super competitive in this area though. They’ve been offering at List for a bunch of properties all cash/close in two weeks with some inspections waived and are still getting beat out. 

Happy to chat with you more about your specific goals, and what parts of the KC metro would best suit you. Reach out anytime.

Hi James, happy to chat about what options you may have

Ouch. Yes happy to chat with you about your options

sent you a message.

yessir!

Blue Springs Duplex located around 25 minutes East of Downtown Kansas City MO. Rare and Large 3 bed 2.5 bath floor plan 2 story on a slab. 506 unit has had >$20k put into repairs...lots of the hard-dirty work has been completed (Ripped out framing and replaced windows and siding...fixed all leaks and repaired damage in bathroom, new carpet, all minor repairs completed. 502 unit is occupied MTM lease. great opportunity for 0% down financing

I would rent yourself because; you are local and you know the area well.

PM's are great for out of state investors or investors with large portfolios who have very limited time and resources

Unfortunately, You nailed it on the head with "managing the manager..." While there are great PMs out there, none of them will care about your property in the same way you will.

The new FEDS just ended the KC mayor's 'income discrimination ban' from last year, along with their 'tenant bill of rights,' so you can place a tenant with pre-screening and without worries of being fined if you dont follow their tenant placing 'script' and my understanding is you can now screen based on vouchers ALTHOUGH of course always do your own research and consult an attorney yaddah yaddah yaddah blah blah blah ...this is in regard to KCMO proper. The 'surrounds' have maintained normal tenant processes for the most part.

I know lots of folks are pushing you for a PM, but if you are eager to learn and do some research and put alot of energy into placing a great tenant with background checks and vetting their references, etc, managing your own properties can be a great way to learn. but if you have a low pain tolerance and are limited on time, Id go PM route

Hi Syed,

Is the property currently occupied by a tenant? If so, when does their lease end? Many lenders require buyers to occupy the home within 60 days, so confirming the lease timeline will be important to attract the best buyer and the strongest offer. MtM lease would be ideal if looking to list and sell.

Congrats on the work you’ve done on the home—it sounds like you’ve added a lot of value! I’d be happy to send you some comps to see what it could sell for in today’s market.

I noticed your property is in the highly desirable Park Hill School District—great area! I’m an active agent with one current listing and three more hitting the market in March. I work with both local and out-of-state investors, as well as residential sellers, and I offer staging services to maximize showings and listing photos. We typically also do pre-listing inspections, which i can discuss more indepth with you; its a great aspect of my listing service package.

 If the home needs anything, I also have great connections with handymen, painters, electricians, plumbers, and general contractors and would be happy to be a resource.

The Spring market is already heating up here in KC, so now is a great time to sell to pull back out your cash in the deal. Do

I’ll DM you and can also email over some comps to get a clearer picture of your home’s current value.

Looking forward to connecting!

Hi Jonathan
0% financing options are available for owner occupant buyers now for duplexes. You can utilize 3.5% or 5% down for up to four units. That’s the lowest hanging fruit in my opinion.

leverage the lenders money and have great cash on cash returns… move out after a year and then repeat the process. If you both purchase four-Plexes, you could have 8 doors after two years. 

I am a very active realtor in both the Kansas and Missouri side of the CASEY metro, and I frequently work with local and out-of-state investors, helping folks find small multi as well as STR compatible homes. I also listed small multi frequently, and have a great duplex coming up in Blue Springs next week. I have quite a few off market Raytown deals available as well.
happy to chat anytime