Wednesday, December 27, 2006

Kansas City Real Estate

An interesting article was brought to my attention. It was published in the Wall Street Journal on December 23, 2006 and it was speaking of the new rules of real estate investment. And as I understand it the article named Kansas City, and it's surrounding suburbs, as a place where the savvy investor would want to put his money.

This is not news to me! Over the past 12 months I have helped a half dozen people from the California and Washington purchase homes here in the metro KC area for investment purposes. When they tell me the acceptable numbers for their home areas, I cringe. Why would you want to have to put down 50%, 60% or 70% just to cash flow on a conventional mortgage. And the "gimmick" mortgage options they describe to me get me to chuckling. Seriously, you could invest here with 15%-25% down, hire a property manager (so you don't have to do anything!) and still break even...or better.

Housing here in Kansas City is fabulous. We have a very nice mix of affordable and middle class and darn right wealthy. Duplexes are an easy and affordable way to get started and yet there are plenty of "priced right" single family homes and apartment complexes you could venture in to should you desire to do so.

If you are from the Kansas City area (including Overland Park, Olathe, Lee's Summit, Blue Springs...among others) wake up and smell the roses. Quit looking around and start acting. If you are from outside of Kansas or Missouri, I would love to tell you about my hometown and the returns that can be generated here.

Real estate investing can be fun and profitable. It can also be nerve racking and drudgery. Which would you like to chooose?

Monday, December 18, 2006

2006 Is Winding Down

First, a personal note to all those I have done business with...THANK YOU. 2006 is ending and it has been my best sales year ever.

For those of you who follow this blog and wonder how a real estate agent can have his best year ever when the market is slowing, well, it's just hard work. And proof that no matter what the economy or market is doing, if you work things will work out. They may not come easy, but God will provide.

SELLERS - INVESTMENT - Price your income properties appropriately and they will move. The "regular" buyers are sitting on the sidelines right now but investors are out sniffing around. And with so much inventory on the market they are buying the properties that make the most sense.

SELLERS - PERSONAL PROPERTY - Pricing is king! Inventories are up, buyers are down. That's not the formula for a Seller's market. Houses can and do still sell but you have to be prudent and listen to your professional. If your house isn't moving it's probably the price vs. condition. You can blame your REALTOR, the market, solar flares or whatever. But the price must match the market. If you must maximize your sales price, you may want to sit out this season and wait till things start to move a little better.

BUYERS - INVESTMENT - There are profitable properties out there. Email me your criteria and I'll send you 3 or 4 that fit.

BUYERS - PERSONAL PROPERTY - While inventories are up and prices are softening your biggest advantage is that you can pick and choose. Bargain on a home and if they won't move on price you can move on to the next home and see how motivated they are. Don't let yourself fall in love with one particular property unless you are willing to pay whatever to get the deal done. So if you are buying your first home be real picky. But if you are buying your dream home you may have to pay.

I love this real estate business. It is so dynamic.