All Forum Posts by: Nic S.

@Andrew Syrios I will try and track down the source, but I read somewhere that the money has been spent and it will not be refunded by the county and they’re unsure how they will remedy it for owners, but I don’t expect any money back 

I'm looking at a $20k make ready after long term tenants vacated. This was a bit unexpected and I'm short about $15k. Thinking about throwing the balance on my business card and pay it off over time. Bad idea? Or is there another way to finance, HELOC? I'm trying not to pay out of my personal pocket.

Kansas City Ordinance 231019, also known as the Source of Income Ordinance, was introduced in mid-December 2023 and focuses on preventing discrimination against renters based on their source of income. This ordinance is significant for its comprehensive approach to addressing source-of-income discrimination, particularly in the context of housing and rental opportunities.

Key aspects of this ordinance include:

• The creation of a $1 million Landlord Risk Mitigation Program to financially assist landlords who accept tenants with vouchers, such as Section 8.
• Establishment of a landlord liaison position within the City’s Housing Department to facilitate communication and support.
• Landlords are allowed to deny rental applications based on individualized assessments, such as criminal convictions, credit scores, and eviction history, but the ordinance also sets clear guidelines for what can and cannot be considered.
• It includes a delayed effective date, allowing time for landlords and tenants to adjust to the new regulations.
• The ordinance also specifies that certain properties, particularly older houses that cannot easily comply with current codes, are exempt from some of the source-of-income requirements.
The guidelines provided by Kansas City's Ordinance 231019, detailing what can and cannot be considered in rental applications, include several notable points aimed at balancing the rights and concerns of both tenants and landlords:

1. Individualized Assessment Allowed:
   
   • Landlords can deny rental applications based on specific, individualized factors, including criminal convictions, credit score, eviction history, alleged damages, and rent-to-income ratio. This means landlords are not barred from considering these aspects, as long as the assessment is applied individually and fairly.
     
2. Consideration of Criminal Convictions:
   
   • The ordinance clarifies that landlords can take into account violent and sexual offenses as grounds for denying an application. This provision aims to address safety concerns while ensuring that the application process remains equitable.
     
3. Evictions and Damages:
   
   • Recent evictions and alleged damages within a year can be taken into account. However, older instances are to be considered more holistically, suggesting a more lenient approach to past financial or rental difficulties as time passes.
     
4. Exemptions and Protections:
   
   • Certain properties, particularly older houses that cannot easily be brought into compliance with current codes, are exempt from some source-of-income rules, acknowledging practical limitations in applying these rules universally.
     
5. Landlord Liability:
   
   • The ordinance provides protections for landlords in terms of reliance on third-party information to reject a tenant, mitigating potential legal risks associated with tenant selection processes.
     
6. Fair Housing and Legal Compliance:
   
   • All considerations of prospective tenants' applications must align with fair housing laws and other state and federal legislation, reinforcing the ordinance's compliance with broader legal standards for housing discrimination.
     
   
   

@Andrew Syrios what’s the locals sentiment on Mayor Quinton?

@Michelle Park Senyard I'm not in the STR game but KCMO has all but shut down STRs

@Windell Cox if you haven’t already get on a plane and go to the area(s) you want to invest in. Walk the streets at night, drive the hoods, meet with PM’s and realtors no amount of books or web link will substitute getting your boots on the ground.

@Eryn Garcia my SFH's are responsible for their own lawn and snow. My 4+ units I take of the grass not the snow.

I have a portfolio of SFH and small MFH in KCMO and Memphis worth about $1.5M. I owe roughly $800k on the properties. What would be the smartest way to pull $100k from the portfolio for personal use?

@Jeff Campbell bought two SFH all cash in Memphis and will cash out refinance when rates are better. I have 10 units now and 8 are leveraged. These two only ones paid for because of the current market but better to adjust then than do nothing.

@George Red @Lee Ripma is legit