Miscellaneous ramblings about the Kansas City real estate investing market...
Monday, November 05, 2007
- I spoke the other day about a real treat I had found from an investor. I put the word out to my real estate investors and they responded in far greater numbers than I could satisfy. Why?
The properties were 3 duplexes in a 55+ community. Both sides rented at $1,075 on 4 of the 6 units, $975/side for the other duplex. Asking price was $220,000 and HOA took care of all exterior maintenance for $100/mo. per building. Oh, did I mention they were located in one of the fastest growing suburbs in Kansas City?
Now here's the good news. The seller of those properties have given me a tip on another builder also looking to get out of his construction loans. He too has had to rent out his new construction homes to help keep from going under. So I'm entering negotiations today to see where those will head.
I've been predicting good things for this winter for the Kansas City real estate investor. Looks like it's going to happen. (But don't get too excited. Every year I predict the Jayhawks will win the NCAA tourney, too.)
- Where is fall? Seriously, I had to take my sweatshirt off at my son's football game on Saturday because I was hot. Enough already. Jeez. Some of the trees still have green leaves.
- I know of a Waldo home that is 3 bedroom and 2 full baths that just rented for $1,150/mo. I have a 3 bedroom 1.5 bath home in Waldo for rent at $965/mo. that is generating some traffic. The rental market remains very strong in Waldo. And for that matter, throughout much of Kansas City.
- Congratulations to the Jayhawk football team. They are in rarefied air at #4 in the BCS standings. Unbelievable. I'm still peeing my pants from hanging 76 on Nebraska. Sure I know Nebraska isn't up to their usual standards. But they are still Nebraska. Those kids were recruited over the kids Mangino has. And they've hung 60+ points a game on us for decades!
- This Saturday I'll be teaching at UMKC's Communiversity a class on real estate investing. As I understand it the class is about 75% full. I'd love to see you there. We'll talk about real estate investing in general. But specifically we'll talk about getting rich slowly to build a retirement worth having.
Come on out. It's about real life real estate investing for real people.