All Forum Posts by: Rich Kniss

@Sam Deb, I've found Trulia pretty accurate for KC. I use it when looking at properties here. @Caleb Brown has some good suggestions.

Rich

@Michael Pacheco There are a bunch of them. One at the Well in Waldo, this Wednesday at 7:00. Look on the MAREI website for more.

@Michael Bonanno, I'd be thinking about your second investment property first. Will your first deal allow you to refinance and pull out equity to buy your second property? If not, you may be stuck for a while unless you have extra cash or access to equity partners.

@Sebastian Madariaga, we did most of the work on the first couple of flips and have switched over to hiring a general contractor. We learned a fair amount about the process, and we earned more money (and capital is what we needed). Think in terms of making half the profit by hiring out, but you can do two of them at the same time and make the same money.

That said, I'd probably still see what you can do yourself on the first one and hire subcontractors for the work you can't do, rather than hire a general contractor for all. it will teach more about the process.

@Nic S. we flip/rent properties in the 64134 zip code. It is more of a C class neighborhood.  You need to really understand where the good pockets are and where to avoid. As @Dan Krupa said, the Trulia crime map is a great place to start, absent  boots on the ground. 

Raytown covers a large area that general has low crime, but certain areas are better than others.

@Ryan Tessier, no reason to feel lost. There is a lot to know, but you don't have to learn it all at once. I'd start by going to some meetups and educating yourself with podcasts and audio books. You may find a partner at one of the meetups, or at least some entrepreneurial people you are seeking.

If you truly want to switch careers, figure out how much cash flow pre month you need for your income. Then divide that by how many houses or doors it will take. Then create a plan that gets you there over several years. Read the One Thing by Gary Keller.

Good Luck.

Rich

@Bridget Gramlich, welcome fellow architect! This is as much fun as architecture, for different reasons. My advice is listen to every podcast you can, do audible books on REI, go to some of the many meetups and talk to some folks. Work on knowing how to analyze a deal, find your core team, search for your farm area, and getting funding in place. once you get past the first one, it goes quickly.

@Doug Smith wisely cautions on cost effective improvements that still looks good. You can get a lot of different ceiling lights for about the same price, some just look better than others. 

Good luck and let me know if I can help.

@Benjamin L., we use NREIG as well for our flip and rental properties. 

@Randy Barnard, we purchased a 4/2 rental from another investor without a dishwasher and it rents easily at $1,050/month. If it's there, I'd maintain it. Most people would want one.

@Mindy Jensen, my initial guess is you are getting solar radiation off another surface.  Beside the above the door, is it only limited to where the shingles are? They appear dark. And concrete around the door may do the same thing, as a reflective surface. 

If your theory about ventilation is correct, and it may likely be, heat would build up and try to escape around the sides of the plywood sheathing. With the sheathing terminating at the wall, it could be that the siding laps that edge. Heat would go right behind it. You could investigate that detail while they are replacing the siding. If there is no ridge vent, that is the first place I would start.

Hope that helps. Good Luck.