All Forum Posts by: Rich Kniss

@Johny Omaga, really nice job. I'd be proud of it if I were you. I might suggest cabinet pulls and a slight upgrade on lighting to further distinguish your property for a few hundred dollars more. It will help it sell faster for more money.

@Account Closed, yes, I use the BP calculators for flips and rentals. I'm most concerned about how much better than the 1% rule I can do when buying rental property.

@Account Closed, if you don't want to rehab, you'll have to find another way to build equity into the deal, so you can move on to the next one. I like the smaller, older homes. Watch out for aluminum wire if it was built in the 60's. On numbers of beds, two bedroom tenants are more transient than 3 bedroom tenants.

Good luck, and welcome to BP.

Rich

@Nyja Callaway seller financing could be one way to go. You might consider Land Bank homes as another way to get started.

@Jacob Compton, I've collected a few names from the BP forums over the last year or so. 

Structural Engineers: First Choice, Royal Engineering, Foundation Engineering Specialists. Foundation Companies: Norris Foundation, KC Pier, Dry Basement.

I've not yet had the opportunity to work with any of these companies, but they have been recommended by your BP peers. Hope that helps. 

Rich

@John Powell, you aren't the only who is less than happy:

https://www.kshb.com/news/local-news/frustrated-re...

You may have missed the window to challenge. I think it was a few days ago.

@Marcello Oliveri, it's kind of an odd location. Halfway between Leawood (upper class) and Grandview (working class), depending on where your units are. Certainly safe. I'd also look in areas that @Nicholas Parish suggests. Our rentals are north of this area, so you'll have to take others advice on tenants, rent, etc. 

Good Luck!

Rich

@George Tiglianidis those are solid areas. We have properties a little north of there.  Also consider Grandview and Raytown.

@Mike Celli I heard it may not happen after the employees rebelled about having to move. Good for us if it is though. 

Thanks for the heads up.

Rich

@Charles B Allen, great that you found this site. I recommend reading every REI book you can, go to the local Meetups to talk with other investors, and keep up with the podcasts. Understand who you'll need on your core team and start looking for them. Understand the legal requirements and process for setting up a business and do it.

Start defining your criteria for the properties you intend to purchase. Drive the areas they are in to be familiar with it. Run the numbers on a bunch of homes for practice. I use the BP calculator.

This is how I got started. Take from it what makes sense for you. Good luck! 

Rich