Below are straight answers to the questions we hear most from investors and property owners in the Kansas City metro. If yours is not covered here, reach us at hello@konaspen.com for general questions or invest@konaspen.com for investor inquiries.
We are a private real estate investment firm in the Kansas City metro, founded in 2017 by Austin Moss. We invest in, develop, and lend against residential and commercial real estate, and we come at every deal from a lender's mindset: underwrite the downside first, then the upside. That discipline comes from Austin's background building a private-credit facility and running a debt fund before real estate.
We focus on the Kansas City metro, which spans both Kansas and Missouri. Within it we concentrate on the premier residential submarkets of Johnson County, KS — Leawood, Overland Park, Prairie Village, and Olathe — where school districts and move-up buyer demand are among the metro's strongest. We also invest and develop elsewhere in the wider metro, including select projects on the Missouri side, when the basis and location fundamentals fit our discipline.
Both. On the residential side we do value-add and ground-up development in Johnson County's stronger neighborhoods; on the commercial side we buy retail, office, and mixed-use where in-place income and location fundamentals carry the thesis. The underwriting discipline is the same across both — price the risk into the basis and test the deal against a bad year.
There are three. An 8% preferred debt pool for a defined preferred return backed by real estate, a 10% preferred equity pool for a preferred return plus a share of the upside across a diversified set of deals, and participation in individual deals with a baseline preferred return and equity upside on a specific property. All three are open to accredited investors, and the terms of each are set out in its offering documents.
The 8% debt pool is a lending position: you earn a defined preferred return and your capital is secured by real estate, sitting ahead of equity in the payment order. The 10% equity pool is an ownership position: you earn a preferred return and also share in appreciation across a diversified set of deals, which carries more risk and more potential upside. Priority and predictability point toward the debt pool; diversified ownership and upside point toward the equity pool.
In an individual deal you invest in one specific property rather than a pool. You receive a baseline preferred return and then share in the equity upside of that property once the preferred return is paid. This path concentrates your exposure in a single asset, so the risk and the return both track that one deal rather than a diversified set.
Think of them as a spectrum of priority versus upside. The debt pool sits highest in the payment order with a defined preferred return and real-estate security, trading upside for predictability. The equity pool takes an ownership stake across many deals — a preferred return plus a share of appreciation, with more risk and more potential reward — while an individual deal concentrates that same ownership approach into one property, so both the risk and the return track a single asset. Which one fits depends on your appetite for priority, diversification, or conviction in a specific property; none removes the risk of loss, and the governing terms live in each offering's documents.
Yes. Our offerings are open to accredited investors. If you are unsure whether you qualify, reach out at invest@konaspen.com and we can point you to the criteria. Accreditation is generally based on income or net worth thresholds set by securities regulations.
Minimums vary by offering and are set out in the offering documents for each one. We are happy to walk you through the specifics of a current offering when you contact our investor team at invest@konaspen.com.
A preferred return is a rate that investors are paid before the sponsor shares in profits, so your return sits ahead of ours in the payment order. It is a target, not a guarantee, and it does not remove the risk of the underlying investment. The exact rate, priority, and terms are described in each offering's documents.
The general partner (GP) sponsors and operates the deal, making the decisions and doing the work. The limited partner (LP) supplies capital and shares in the returns without running day-to-day operations. KonAspen acts as GP and also participates as LP, and we structure capital as both equity and debt to fit each deal.
Our LP portal and data room are gated, so access starts with a short request. Email invest@konaspen.com with your name and email address, and we will send either a personal access link or an access code you can use to sign in. Access is provided to accredited investors reviewing our offerings, and we are glad to walk you through the portal once you are in.
Once you have portal access, the data room holds the materials you need to evaluate and track an investment — offering documents and subscription materials for current offerings, the operating or partnership agreements that govern each structure, deal-level summaries and financials, and ongoing updates and reporting for positions you hold. The offering documents are the controlling terms for any investment, so we encourage reviewing them in full and consulting your own advisors.
Yes, we do private, real-estate-secured lending as part of our business. If you are a borrower with a project that fits, reach us at hello@konaspen.com to discuss terms. Any loan is underwritten on its own merits and secured by the underlying real estate.
BRRRR stands for buy, renovate, rent, refinance, repeat. In practice we buy the cheapest house on the best street, renovate it to the street's standard, and refinance so the property can carry itself. It is one of our core residential strategies, alongside ground-up development and lending.
We share how we underwrite and structure deals with owners and partners we work with, drawing on Austin's background building a private-credit facility and running a debt fund before real estate. This is grounded in our own operating experience, not a substitute for licensed investment, legal, or tax advice. For anything specific to your situation, we recommend consulting your own professionals.
We price risk into the basis, which means we try to buy at a number that survives a bad year rather than one that only works in a good one. Even so, all real estate investment carries risk, including the loss of principal, and stated preferred returns are targets rather than guarantees. Nothing on this page is an offer to sell securities or investment advice; the terms of any investment are governed by the offering documents.
We have completed several profitable homes in the Kansas City metro and achieved record price-per-foot exits in the Overland Park and Johnson County, KS market. We currently have an active deal at 3215 W 83rd St in Leawood, KS. Past results do not guarantee future performance.
Johnson County is our core, but we work the wider Kansas City metro on both the Kansas and Missouri sides where a deal fits our discipline — for example, a ground-up luxury rebuild in Loch Lloyd, MO. The metro has historically been steadier than coastal markets, and we apply the same basis-first underwriting wherever we invest rather than chasing a location for its own sake.
Email invest@konaspen.com for investor inquiries or hello@konaspen.com for general questions, and we will walk you through current offerings plainly and set up portal access if you are ready to review the data room. We would rather spend time making sure a deal fits you than rush you into one, because we are paid to be patient.