I don't know about other parts of the country, but in San Diego county, it's getting really tough to find deals with a decent profit margin.

Good luckI live in a county where the average home goes for around 350k-400k easily.

You are also basing ARV on converting it to a 3 bed 2 bath.I wouldn't touch a conversion unless there are other 3 bed 2 baths on the street.If just mainly 2/1's then you are going to have appraisal problems and getting buyers to offer on it.Nobody usually wants to own the most expensive property on the street because it appreciates the least and in a down turn loses the most value.Also I believe "I am not sure" but maybe Will knows is that the HML lender wants a qualified contractor to perform the work and will release the money draws once stages are completed.Also some of the work the city or county will require a license for you to do and you will not be allowed to complete the work yourself.It depends on local codes and what they require.You also have to factor in carrying costs and do overs.If I do something that normally costs 1,000 using a professional myself for 600 with parts but it takes my 3 times longer to do it and I mess it up and have to buy parts again then it's not smart.What you have to do is to find qualified contractors to get the job done quick at a below market price.You keep repair numbers low this way and turn times high.If you start a flip a certain time of the year and miss your list date you can be in a world of hurt when the slow season comes rolling in.You might sell at a real low value or not at all while holding costs from the HML eat you alive.You will also many times need good credit as all the HML's I talk to like to know if the investor has trouble selling the HML has a regular lender they partner with to put the investor into a regular loan and pay them off.

I'd love to network with other KC investors and talk about how we can take advantage of all the great opportunities in this terrific Midwestern city.My primary focus is on long-term buy, rehab, and hold projects in Jackson County, specifically Raytown, Independence, Lee's Summit, and South Kansas City.

Go down to the county recorders office and look up properties that sold.

I used to live in McHenry County tho.

Do I have to be a paid member of some website, go check county public records myself, or maybe pay a list service?

HiBrian,I invest in Union county.

Specifically, in my county, it's very common for agents to use the FMLS and not the GAMLS.This property was listed on the GAMLS and not the FMLS.

However, the heated and gross square footage and number of rooms on the appraiser's website matches the information in the MLS ad, so I assume the county at least knows about this conversion, although I can find no proof that it was ever permitted.Has anyone here ever had any electrical or safety issues with tenants after buying one of these conversions?