Having a hard time finding more units

[Andrew Hartley]

I am a local real estate owner with 10 doors in JoCo, and I am having the hardest time finding more doors to add to my portfolio. I have been searching for over a year and a half to grow my business, but it seems like prices have gone up so much that it is no longer feasible to buy any homes for rentals. 

As an example I mostly invest in the Olathe area, and my properties I bought range from $79,000-$100,000 for 2 bedrooms. Now these type of homes only 3 years later are selling for $150k or more. I don’t see how anyone can make money in the current conditions especially when you’re using a lender, what am I missing? 

[Matt Altrich]

Andrew,  I'm still buying in Johnson County but almost exclusively with cash and foregoing the buyers agent.  Have you tried door knocking? 

I don't claim to predict markets but I think you'll do well if you have some patience and cash reserves.  A lot of investors are buying high and are wayyy over leveraged.  As Buffet says, we'll see who's skinny dipping when the tide goes out.  On top of that, over 7 million people are 90 days (or more) late on car payments, college debt is exploding, and people are doing cash-out refinances like crazy.  This party can't go on forever.   :)