All Forum Posts by: Yu Chen

Just got this from my PM in Kansas City:

Over the last few weeks we have been watching the news regarding the newly proposed Tenant Bill of Rights. This started as a small grass roots movement that has quickly escalated and now has the support of Kansas City's new Mayor, Quinten Lucas, as well as the majority of the City Council.
If this proposal is allowed to continue as proposed you will no longer be able to take the following information into consideration when screening tenants.

• Source of Income
• No criminal background checks
• No credit checks
• Can not take previous eviction history into consideration
• Must work with Section 8, Housing Voucher Programs

In additional to these restrictions, we would also see the creation of a fourth city bureaucracy to oversee rental properties (in addition to codes department, Healthy Homes, and Human Relations/Fair Housing)

What do you guys think? Looks like the nice rental wave is over in Kansas City

maybe a better question would be which area to avoid? would like to avoid "war-zones" if there are any.

@Ivan Enriquez

I'm actually planning on stopping by pheonix during thanksgiving to look at some neighborhoods. Which area should I look at?

@Matt M.

This is hard for someone with no inside connection to the off market. Turnkey is more for people who isn't in the real estate business

Hey Everyone,

I've been doing some research on where to put my money for buy and hold rentals, I was looking at Pheonix AZ. Seems pretty promising. What are some area codes specifically will i be able to find "B" neighborhoods because that's what I'm looking for. It doesn't have to be directly downtown, any of the surrounding suburbs is ok with me too. Thank you.

It was actually Bank of America. They were thinking I bought the Kanasas property with "owner occupied" interest rates and now I'm trying to cheat the system and do that again.

Hey everyone,

I recently bought a property in Kansas city as an investment property about a month ago. I live in LA and I'm in the process of obtaining a mortgage to buy a home in LA to live in. The underwriter working on my current loan kept insisting that my Kansas property is owner occupied even though I showed them my loan application which clearly stated that is was an investment property. The loan officer said that the underwriter pulled some kind of report from the loan and it said it was owner occupied. The underwriter is considering denying my loan after a whole month and everything else is done. It is very frustrating, I was wondering if there's been some kind of mistake made somewhere and if anyone had any experience with something like this. Thank you.

@Conrad Metzenberg
how is owning properties in Texas? I heard it's the landlord friendly state and property tax is high. 

Thank you all for the responses, very informative. I have not heard back from the PM about how they would want to handle it. Will update when I know more

Hey everyone,

I just recently bought a rehabbed property in KS, MO. my PM just informed me that someone is interested in renting the property. This individual just hit a jackpot and wants to pay the one year rent upfront. According to the PM, they will still do a background check on her and she will still pay a deposit and it's just her and her daughter apparently. Anyone have any experience dealing with tenants like this? Are there any potential downside to getting all the rent up front? Thank you.