All Forum Posts by: Rich Kniss

Eric, my understanding is you should also search on LoopNet.com or Costar.com, not necessarily for properties, but to find multi-family brokers. Take these brokers to lunch and establish a relationship with them. This will lead to the better properties that may be off market.

Please note this is from someone who does not have any multi-family properties yet. I have just done a fair amount of research on the subject, as it is an interest of mine for the future. I think where look may also depend on the number of units you are seeking, as I believe there is an unstated threshold that puts you in a different category (+/-  6 to 10?) of the team and management you need.

Welcome to BP! I have learned an immense amount of information in the short time I've been on the site and find the podcasts very helpful. I find the old ones on YouTube. I think I'm almost caught up through the first 200. While wholesaling is not my focus, I've learned a fair amount about in my research. If you want to connect and compare notes or just discuss the KC market, please reach out. I'm happy to share what I've learned.

I'd want to be near the Nelson Art Gallery, Country Club Plaza or near historic independence square. Google KC B&B's and find out where they are successful. More specifically, I'd look in the Southmoreland neighborhood. The trouble with B&B's is that it's hard for them to get enough traction to make it long term, at least that's what I have seen on the east side of the plaza. Think about what B&B people want to visit and put yourself there.

https://www.mareimember.com/Events.aspx?ID=MAREI-N...

FYI, fellow BP'er Kim Tucker/Realty Resource in KC were founders of MAREI founders of Mid-America Association of Real Estate Investors.

Hello Craig from a fellow Kansas Citian! I'm a newbie myself but excited about the opportunities. There is a MAREI meeting on the second Tuesday of each month which would be a good place to network. I plan to go to the next meeting. Maybe I'll see you there.

Eldin, I started with a template (and other documents) from the small business administration (SBA). It is useful as a standard format that most people looking at a business plan would expect. I found a few less than awesome real estate business plans on line but was able to tailor my thoughts as a result of looking at those plans.

I agree with your reasoning on why you want a plan (roadmap). You have to do the research to inform your plan and that helps your knowledge about the various aspects. It has taken me several months to pull it together, because I also work a full time job, but I am the better for it. It also helped clarify roles with my partner.

I plan to edit/reduce my plan when needed to comply with any lender requests.

I'm happy to talk with you further about the content I thought was important off line if you like.

Rich

I haven't invested in properties in this area yet, but lived in 64109 (Central Hyde Park) for 15 years, so I'll share my thoughts. Carrie has it right about being around Costco. I think there would be some good deals in North Hyde Park (31st to Armour/Gillham to Troost). MAC properties has renovated nearly all of the large apartment buildings along Armour and they are commanding pretty high rents. I think the adjacent areas would do well, but it is street by street.

Kansas City University of Medicine and Biosciences (near Cliff Drive) that Carrie mentioned is very active in the community and lots of things to improve the area along Independence Avenue. they have master planned a number of projects for the near future, which should add stability in the community. There could be potential in the area, but it seems like a long term play.

The Cerner Campus that Kim references (Bannister Mall) is constructing office buildings at a rapid rate. I happen to work for the Architecture firm doing those projects. I would expect significant growth, based on their published plans in the media. This should be a good area. Another investor mentioned this on one of the forums I read as well.

I'll add the Beacon Hill area in the mix. A lot of high new builds $300 - $750K are bringing this area along and it is very convenient with quick highway access. UMKC's adjacent campus just added a large housing project.

I also agree with staying west of Paseo.

That's my two cents.

Hello! I'd like to introduce myself. I'm an Architect in KC and am very interested in real estate investing. Over the last 4 months, I've been doing extensive research and developing our business plan. My partner and I are ready to jump in and get started with our first property.  We plan to begin with a few flips and buy and hold properties. Once we have a few of those under our belt we plan to pursue small multi-family properties (rehab and new build). I'm looking forward to connecting to the Bigger Pockets community. I am wondering if anyone has suggestions for contractors, CPA's and realtors with investment experience. Thanks, Rich.