All Forum Posts by: Rich Kniss

@Geordy Rostad, click the Tools tab and look for the FilePlace on this website. They have a number of PFS (search for it), and a hundred other forms you didn't know you would need.

@Idan Narotzki, I sent it to you in a message. 

Rich

@Idan Narotzki you have to register as the owner if the rental is within the boundaries of the City of Kansas City. I'm not sure about Raytown. They want to know who to come after in case the grass gets too long, etc. It's quick and easy.

Good luck with your KC property!

Rich

@James O., our PM does something similar at the same price. Its the make ready costs that are harder to swallow. I plan to let them do the maintenance in the future, but handle the make ready stuff myself.

@Emily Hill, most investors I know are on the Missouri side, as there is more opportunity to make the deals work. The Kansas side has better schools, safer as a whole, and nicer areas (A & B class, with some C) . The challenge there is its harder to make your deal pencil. That said, I know a number of investors who do well in Kansas. It depends on what you are looking for.

@Jose Amezaga, I suggest you look on the Small Business Administration website to help with understanding what it takes to get a business up and running.  I'm not certain how much self education you have done, but I would be reading every book and listening to every podcast I can. Those two steps may give you some answers. 

Please consider other people's time when you seek advice, and hone in on the specific questions they might be able to help you with, rather than a generic "teach me everything" approach. When people see you are taking steps on you own, they may be more willing to help.

Good luck with your goals.

Rich

I suggested reading this page and the links.  http://kcmo.gov/planning/building-permits-2/  

You will need an Architect or Structural Engineer to seal the drawings. Getting most of it drafted first before a licensed professional seals it, is a way to save money, but it may be hard to find one that wants to accept the liability for a smaller fee. I suggest contacting the engineer you plan to use first and explain what you are doing and make sure they are OK with it. 

Make sure you do the "over the counter" review for the building permit, otherwise it could take months based on what I'm hearing lately.

Good luck with this. I think there is opportunity for more new builds in KC, but getting it at a square foot cost that makes sense can be a challenge.

@Logan Freeman, the square foot values  when you are done seem about right to me. On the event space, I'd want to understand the parking a little more. On street parking is fine, but perhaps you can drive up rents by make an arrangement with a neighboring business to use their parking spaces in the evenings. Just a thought.

A title company should be able to help.

@Stacie Lynn, you need to research the properties before bidding. Find out if there are any outstanding liens. A fellow real estate investor I know got stung with this one. Learn as much as you can about the property, and set your maximum bid price before you go.

We've used auction.com as an alternative, but it is harder to get a deal that pencils these days.