I emailed one of my clients yesterday to ask him if he would mind sharing his thoughts and why he is a Kansas City real estate investor. I think people invest in real estate for a variety of reasons and I love hearing those reasons and the thoughts behind them. And for as many real estate investors as there are there are an equal number of reasons, formulas and thought processes.
This particular real estate investor from Kansas City has purchased a primary home (a condo) from me, an investment duplex and an investment single family home. He recently went through a nasty tenant situation wherein he basically ran in to a professional dead-beat. Before you think you couldn’t fall victim to a pro dead-beat you need to know you are kidding yourself. It can happen. But like anything, there are challenges and successes.
Enjoy. And, Kelly, thank you for sharing.
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How long have you been a real estate investor? I’ve been in the real estate business for almost 6 years, and nearly 4 as an investor.
Why did you start investing in real estate in Kansas City? I started investing in KC real estate because I had several friends who were doing the same thing and I thought I would be pretty good at it.
What do you look for in an income property? When looking at an income property my main focus is the cash flow potential versus the management necessary to run the property.
You recently had to do an eviction. I think your first. What was that experience like? Yes this was my first eviction, and it was a nightmare. I believe I had a unique case as my friends have said their eviction experiences were not as bad as mine.
What did you learn from the entire process? From this process I have learned to do thorough background checks prior to renting, and it will hopefully make me a better tenant screener in the long run.
Do you mind sharing what you do in your professional life and how that has shaped your real estate investing goals? I am a commercial real estate appraiser by trade and that has certainly played a role in how I look at potential investments. I feel that I have more patience to wait until the best deal comes around and don’t need to leap at every opportunity that I look at. It has also set a goal for me to eventually graduate to commercial real estate investments.