All Forum Posts by: Paul Nagy

Update - negotiations are under way as I write this and it looks like I could land this for $107k. Does this change things up enough to warrant moving ahead?

Thx!

@Ray I do think the urban core looks enticing and it's top on my list to further look into. I'll reach out to you so that we can touch base and see what's available.

Also, does anyone have any thoughts on Lawrence? Seems attractive at first glance.

Hello all! I'm looking to purchase a duplex in the Kansas City area and am wondering what part of KC is most attractive for both cash flow and appreciation? I've been looking at the suburbs (independence, lees summit) and the city itself (plaza, westport, KU Med.)

For example, I've got my eye on quite a few duplexes in Independence which I can get at $95k and the monthly rent brings in $1400 yet long-term appreciation may be weak.

Any suggestions would be greatly appreciated!

Thx,
Paul~

Hello all. I'm looking at buying a duplex (with intentions of buying approx 2 per year) int he Kansas City/Lawrence area. Problem is, my current real estate agent doesn't have much experience with investors & multi-family.

Therefore, I'm looking for an agent who specializes in working with investors and understands the cash flow, GRM, and other related nuances to find a great deal. I'm primarily interested in Lees Summit, Independence, Plaza/Westport, KU Med, and Lawrence areas but am also open to suggestions.

Thanks,
Paul~

Thanks everyone for the advice. I do want to clarify 1 thing though, by "where I would live" refers to the street/neighborhood, etc more than the property itself.I would have no problem living in a nice duplex on a nice street. I do not hiwever find having a street if so so properties with stuff stren outside in the yard and cars with flat tires on jacks. I assume that a quality tenant would also not want to live on a street ir neighborhood like that.

Again, thx!

@Harry
Thx for the advice. I'll definitely try to get it as cheap as possible! Perhaps I should offer less than $106k? Would an initial offer of $99k or $101k be insulting?

Also, I'm buying it as owner occupied and will live there for the first 6 months.

Hello everyone! I think what I found to be a good deal but need more advice from the "pros."

Lawrence, KS (college town; University of Kansas) Asking price $125k

Side by side 2bd/1bth each with 1 car garage. Built in 1967

Each unit rents for $625 and both are currently rented.

No major maintenance or repairs needed at this time.

Estate sale and duplex has been on the market for over 6 months.

Planning on offering $106k and final/best offer would be $111k

Approved with 20% down at 3.75% interest rate for 30 years

At $111k PITI would be $575 per month.

Thanks & any thoughts/advice would be greatly appreciated!!

Hello all. I'm a relative newbie and this is a question which I can't get a straight answer or even guidance from my real estate agent, friends, etc. I've also asked this same question in the multifamily forum but wanted to get varying opinions.

I've been looking to buy a duplex in the Kansas City (suburbs) or Lawrence area. My plan is to acquire up to about 10 properties and have those become my retirement source of income down the road. Therefore, I'm planning to hold my properties for 20-30 years (I'm 36 .) While it's practically impossible to predict what a neighborhood or street will look like in 30 years certain areas obviously appear much better than others.

All of the duplexes I've looked at have been in good respectable suburbs (Lees Summit, MO) or a college town (Lawrence KS). However, many deals that cash flow well such as a $130k duplex bringing in $1,450 per month are In neighborhoods or streets that while aren't quite getto, they seem more trashy than I'd like. Yet, does this even matter or is it ridiculous for me to think like this? Reason I'm concerned is two-fold, quality of tenant and what if the street/neighborhood does become crap & getto in 10/15/20 years?

So all in all, my mindset has been "if I wouldn't live there I don't want to own it as a rental." But, I'm not sure this is a good way to think.

Thanks!

Hello all. I'm a relative newbie and this is a question which I can't get a straight answer or even guidance from my real estate agent, friends, etc.

I've been looking to buy a duplex in the Kansas City or Lawrence area. My plan is to acquire up to about 10 properties and have those become my retirement source of income down the road. Therefore, I'm planning to hold my properties for 20-30 years (I'm 36 .) While it's practically impossible to predict what a neighborhood or street will look like in 30 years certain areas obviously appear much better than others.

All of the duplexes I've looked at have been in good respectable suburbs (Lees Summit, MO) or a college town (Lawrence KS). However, many deals that cash flow well such as a $130k duplex bringing in $1,450 per month are In neighborhoods or streets that while aren't quite getto, they seem more trashy than I'd like. Yet, does this even matter or is it ridiculous for me to think like this? Reason I'm concerned is two-fold, quality of tenant and what if the street/neighborhood does become crap & getto in 10/15/20 years?

So all in all, my mindset has been "if I wouldn't live there I don't want to own it as a rental." But, I'm not sure this is a good way to think.

Thanks!

@dgellner - Why would I never rely on rent increases? Isn't that a normal and almost functional part of business? Over time (15-20 yr period) rents could not possibly stay the same; it would defy the laws of economics, right!