All Forum Posts by: Manley Woods

Columbia sounds like a decent place to purchase rental properties seeing as how you have three of them there. The zip code for my property is 65202. I’m told that’s called Rocky Fork Township (Boone County) which is a suburb of Columbia. The current rents at the property I assume are below market value. The condition of the property plays a part in that. I definitely plan on raising the rents after repairs and improvements are completed. Thanks for your input. I’ll hold onto your contact information. I plan on purchasing more property in Missouri in the near future. It seems to be one of the few places where the prices are still affordable to purchase property, get positive cash flow and some appreciation .

Thanks! I have a fourplex in Dallas (since 2006). It’s appreciated a lot, and it’s always been a positive cash flow property for me. The cash flow is really good now, but it seems like there is ALWAYS something that needs to be fixed so I understand your frustration. I’m learning that’s just part of being a real estate investor though. I have thought about selling it on numerous occasions, but I have decided to keep it. I want to tap some of the equity, but I have a very low interest rate (3.4%) and won’t get anything close to that with a refinance. I’ll most likely get a heloc and use the money to get another property. Enjoy the rest of your weekend and thanks again for your input.

Thanks for the helpful tips. The rent growth, job growth and population trends are all positive Columbia, MO. Do you still have the property in Kansas City, or did you sell it? Do you feel the property was worth the money you put into it? You mentioned you bought it $40,000 below market value and invested $20,000 into it, and the appreciation was good. Outside of the bad tenant that sounds like you did pretty good to me.

Both units are currently rented for $625 a month. The monthly mortgage payment will be $674 (amortized). The positive cash flow will be used towards repairs, and the property management company charges 8% of rent remittance. I’m not sure what the total cost of repairs will be, but they will be taken care of one or two issues at a time. I’m not going to have everything repaired all at once. I plan on refinancing in 6 months or a year to get my 20% down payment back, and hopefully a lower interest rate than the 7.2% rate I’ll be paying to the hard money lender.

I’m in the process of purchasing a duplex in Columbia Missouri (zip code 65202). It needs a decent amount of work, and I’m buying the property as is. Both units are occupied, and there will be positive cash flow. My purchase price is $100,000 and the home inspector gave the duplex a grade between a C- and B+  and it was built in 1972. The property has not been appraised yet, but I believe I got a deal. The seller was asking for $115,000 but I stuck to my offer. Does anyone think I overpaid for the property?

Ok. Thanks.

Does AIO mean all in one?

Ok. Thank you.

I’m thinking of getting a heloc on a rental property. I purchased the property when I was single, and I’m married now. My question is will my wife be added to the title paperwork similar to if I was doing a refinance?

Good evening @Lara White. I am working with an agent in Oklahoma. I have not asked her to look at my closing costs. I will now though. Thanks a lot for the advice. How can I follow you on this website, and what part of Oklahoma do you conduct business in?