All Forum Posts by: Rick Novotny

Welcome to the KC market @Neel P.

In Kansas City, it is normal for tenants to pay for their utilities. Billing back is fine, but you are not supposed to profit from the utilities. My entire portfolio has utilities paid for by tenants, only one of my 4-plex buildings has a bill back system setup right now with inherited tenants that have been there for decades. I set all of my units to revert-to-owner after my tenants leave, so I'm only paying utilities during turnover. The water meter can be changed but it will cost a couple thousand. I'm guessing this was a single family converted to a duplex.

Hi @Amanda Johnson

I grew up in Kansas City. Moved to Denver in 2016 for my career and started buying in Kansas City for 5 years. My portfolio grew to 21 units while I was in Denver. The pandemic created a work environment where I could move back and continue working my W2 job while continuing growing the portfolio. I have not jumped into the short-term rental side of things yet, but I plan to at some point. All of mine are currently LTRs. I love to discuss real estate so just send me a message if you're interested in talking about it. Sounds like you plan on doing exactly what I did!

Hey @Noel Negusse

Let me know if you want to meet up while you're in town, I'm always down to talk about real estate. I am an investor myself and started investing here while I was living in Denver for five years so I definitely understand the long-distance side of things. I purchased 21 units long-distance before I moved back to Kansas City. I'd be happy to discuss the areas of interest and what to stay away from.

Let me know if you find someone, I'd look into a product like this if I could find one.

Cameron is pretty far out from the metro area. I don't work in that area, nor do my managers.

You might be able to find someone who will do it, but the options are going to be limited due to the small-town nature of that area. Maybe google search will help you find one. Best of luck on your search!

I drive a 2002 Honda Civic and I don't have a garage. Well... I have a lot of garages, but my tenant's stuff is in them!

@Steven May is spot on with his locations of where to stay for the KC experience. I'd add the Plaza to that list as well. I hope you enjoy your trip to KC!

It's different for everyone and different lenders can give different rates. I'm seeing people get quoted anywhere from 3.75% to 4.5% right now. I'm sure a lender will be able to give you a general ballpark estimate if you let them know your financial situation and a close estimate of your credit score.

I can explain my why in one word. Based on the way you described it, you're similar as are many investors. I hope you get there sooner than 7 years!

Why?:

Time

Remember that when you're buying, you're not paying for commissions so working with an agent at first is not a bad thing. But if you do get the license, you will make the commission when you buy which can be used for part of the down payment. Interview a bunch of brokers and find one that won't charge you just to hang your license, if you're not going to be working with other people. After purchasing 21 units I became an agent to work exclusively with investors and on my own portfolio. I don't really do the retail thing, emotional buyers would drive me nuts. I work with a broker who owns a property management company as well, who has managed my portfolio for over 3 years prior to me joining the brokerage, so I am definitely in the right place.