All Forum Posts by: Christopher J Lemmon

By the way, Congrats on being the guest in the latest podcast!! That's pretty cool! I have not listened to it yet, but I will!! 

Thanks @Ian Reeves for reaching out to me. I do like to invest in 66102. That is my area. Feel free to reach out to me anytime you have deal in that area. But I usually focus on multi family properties, duplexes or up. But I have considered single family houses at times, I don't have any yet. Do you have any photos? What's the address? Also would you consider owner financing? I intend to save my 10 mortgages I can do for duplexes and larger since they generally cash flow better than SRF. 

Chris 

Welcome to BP! I grew up in Lawrence! But I live in St. Louis MO now. Lawrence is a great town. Sounds like you have a great set for building a real estate portfolio! Good luck!

I would be interested in a meet up on a Tuesday or Thursday evening. Is anyone else open to that?

Chris V. I would not walk away. Don't be scared of making money. Every deal has its challenges. It's smart to negotiate hard. Kudos to you for doing that. But I would not let this deal get away for a few thousand bucks there is cash-flow in it! Also, one bad tenant is not a reason to walk. If you are in it for the long run, you will need to get skilled at selecting, managing and negotiating with tenants. You could be leaving a perfectly good deal if you walk. If you have one good tenant you can cover the mortgage until you deal with the less than ideal guy. The numbers look good to me. If you do a thorough inspection you will know what the incoming repairs are on your property will be. That's mostly what you need. If you have priced all the other costs, your good! I have found here on BP, there are a lot of deal spoilers trashing new investors deals when they float them on here. Some guys are so critical they never see a deal they like. There is room in this deal to get started. You have to start some where and you learn a lot jumping in on a deal and finding a way to make it work. A few months back, I looked at a few of the guys tearing my deal up on here, several of them did not even own one rental unit yet they jump in and try to tell me my deal sucks and I am an idiot for thinking it's good. You know this deal better than any other guy on here trying to comment. If it looks good and you have done due diligence go for it! The negative guys are like the opposite of a get rich quick guru. Don't let them burst your bubble. Your own the right track. This scenario is very close to one I just bought price wise and rent wise. And it's working out just fine for me, irregardless of the naysayers.

Crime is factor in this area. I would check the color coded maps for if it is concentrated around this property.  A solid relationship with a good property management company is crucial for this investment to work. To be frank, $1100 sound high for that area. Can you find any other examples of rent that high on a house in that zip code on Trulia? Or Craigslist? I watch that market daily. Houses rent for $700,$800, and $900 on the high end. I would not expect more unless you plan to split the property into multiple dwellings or something. The areas that get better rent in KCK are close to KUMed teaching hospital or further west by 435 and the Legends. They could $1100 or more. Without the address, I don't know your exact location. 

Otherwise it's around $500 for a 1 bedroom $600-650 for a 2 bedroom and $700-800 for houses, conservatively, to be safe. 900 would be ambitious and optimistic in my opinion. 

What's the zip code. I invest in KCK and have several rentals there. I have never heard of Bunker Park. Also, is this a SFR? Duplex? Triplex? You said they are advising you it could rent for $300 per door, is that total before expenses are subtracted? I would be glad to comment since not too many investors discuss KCK and I am pretty familiar with it since I like there and have several properties there.

Forrest Wilson This is an interesting proposition. The article you posted certainly points out a dynamic national trend toward growth in this area. But as they say, the devil is in the details. Have you looked at all the pertinent details, do you have a specific place in mind? What are the terms like? What's the financing look like?

We found out today the prison in Texas is on lockdown, no communication in or out and no visitors. We are trying to find out when the lockdown will end. 

Very true. It's important to know the area. I lived in this neighborhood for about two years, I have since moved somewhere else. I house hacked my first rental in this neighborhood. I feel comfortable with the area. My parents live about two minutes from this duplex, so that helps me have a feel for the area. My Dad is my property manager, so that helps with him living there too. In have been tracking the market for about 3 years now and waiting for a deal.