So you want to own rental property…

Larry Myer

Greetings fellow real estate investors,

My name is Larry Myer and I have been in the real estate investment business for over 30 years.  I am a Kansas and Missouri real estate broker and my practice has been 100% investor driven.  Over the years I  have bought, sold, renovated, managed and leased 100’s of single family and multi family properties for others and myself primarily in the urban core of Kansas City Missouri.

I’ve transitioned from player to coach and no longer manage or renovate property for others.  I have a few projects of my own that I am still involved with but what I really enjoy doing is helping the new guy (gal) getting started owning rental property.  There are lots of good seminars, classes and boot camps for every corner of the real estate business but nothing specific to owning rental property in Kansas City.  When Kim asked for bloggers I was more than happy to help out and share my experiences, good and bad.

Owning rental property is kind of like having children.  When they are behaving and everything is going well you want more.  When they are jumping on your last nerve you are checking the calendar to see how long before they leave for college.  However, even if this is your first rental,  I would recommend managing it yourself for a year before turning it over to a management company to see and feel the process.  You can do it.   Put together your team.  At the minimum, you will need a good reliable routine maintenance guy (gal), real estate attorney, screening service for rentals, tradesmen for jobs beyond the scope of routine maintenance (furnace, roofing, electrician, etc).  MAREI is a gold mine of resources.  If after 6 months to a year of managing your own property you turn it over to a management company,  it is far better for you to be able to tell them about your property than have them tell you about your property that you know nothing about.

Lots of fun topics for future discussion…property managers, screening, evictions, rent collection and more.

Any specific questions or comments feel free to email me at [email protected]

Happy Landlording

Larry Myer