All Forum Posts by: David Ziccardi

I would echo Jonathan Greene's sentiment. 

I'm also an appraiser in the Philadelphia area so feel free to reach out if you want some guidance on a particular transaction. 

In an effort to remain accountable I want to update this forum. We have learned quite a bit about the Kansas City market over the last few months and we made a trip out in December. After touring a large portion of the metro area with some local brokers and property managers we were able to narrow our geographic parameters a bit. 

We are partial to the following counties:

Jackson, Clay, Cass and Ray (Missouri)

Johnson, Wyandotte, Miami (Kansas)

With particular interest in Eastern Independence, Overland Park, Platte City, Southern parts of Raytown, and obviously the Plaza. 

While we have submitted several letters of intent on properties we haven't been able to place one under contract... YET.  We have found it challenging to find properties that meet our investment criteria (as well as the criteria of the group of investors we work with) when dealing with the larger brokerages and public listings. 

To combat this challenge we believe we have to get in contact with sellers directly. To do this, we are putting together a list of apartment building owners and implementing a direct mail campaign. Looking forward to placing a property under contract soon!

@Seth Wilson

We would prefer to limit the amount of low income and government assisted housing.

Young professionals  or "Gray" collar workers ideal.

@Chris Dawson Check your inbox!

@James Syed Appreciate your reply. At this time my partners and I are really looking for larger complexes, preferably 40-100+ units. However, we would consider a smaller 20-40 unit building if the deal was really attractive.

@Kanita Jefferson

Thank you for your response and that is exactly the type of information I am looking for actually! As far as neighborhoods being night and day I can totally relate as, up to this point, I have invested primarily in Philadelphia. Sometimes going just one block over can make a world of difference.

Having now spoken with many people in the KC area there definitely seems to be a consensus on investment opportunities in Raytown and Lee's Summit as well as the Midtown area. I will have to look into Independence a bit more though!

Thank you again for sharing your insight.

@Donald Stone

I was able to secure financing for this property but thank you for reaching out I appreciate it!

Hello all,

My partner and I are looking to acquire between 80-150 apartment units in the next 12 months. Based on several market reports we've been reading and conversations with fellow investors we have decided that Kansas City is where we want to expand. At this stage we are looking to buy and hold complexes that are well taken care of but are underperforming. Motivated/worn out sellers or mismanaged properties are ideal. Our sweet spot is C+ to B- properties in B neighborhoods that need just a little bit of love to get them back on track.

I am reaching out to BP to find reliable "boots on the ground".  Brokers, PMs, local lenders, or anyone else that can provide some insight into the market we want to speak to!  

What neighborhoods should we be targeting?

What kind of cap and vacancy rates are typical for 20-30 units, 30-50 units, 50+ units based on the criteria above?

Also, any insight anyone can provide on cost per unit in the areas would also be helpful.

Thanks!

@Jeff Schwarz that's correct

I own a property in Philadelphia (Est. value is ~50k) free and clear. Looking for a lender to help me refinance it so I can go after the next one. Please respond or message me for more information about the property.

Thanks,

Dave

Welcome to BP Joe,

I am in a similar situation. Graduated in 2012 and jumped right into real estate as an appraiser and realtor. I currently own two investment properties in Philadelphia as well. While I don't have a ton of experience I am more than happy to share what I know and am always interested in networking with new people/discussing real estate. Would be happy to grab a drink sometime.

Let me know

Dave