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All Forum Posts by: Yippi Jim

Yippi Jim has started 3 posts and replied 9 times.

Post: Suggestions needed to sell my rental in Kansas City, MO

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1
Quote from @Lee Ripma:

@Yippi Jim

This area can be sold to either owner-occupants or to investors seeking cash flowing rentals. I don't know the exact location of your rental. A quick look at comps shows that tenant-occupied properties are selling at 65-110k while some sold to owner occupants are selling at up to 200k in this zip code. There is actually great demand in this area so I wouldn't write it off as a bad area at all! The nice thing about selling it as a rental is you can cash flow until close and you won't need to do updates that owner occupants are expecting. I am putting a link to actual comps below so you can see how your property stacks up. With your current rent I'd guess your exit is probably limited to 110k if sold with a tenant in place. If you could get significantly more than that selling it to an owner occupant consider that. 

https://portal.onehome.com/en-US/share/1009945E65373

I hope this helps! 


 Thank you very much!

Post: Suggestions needed to sell my rental in Kansas City, MO

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1
Quote from @Alex Olson:

What is current rent on the place? What deferred maintenance is there? What sells well in KC is well occupied well maintained properties with great leases in place. 


 Hi Alex, thank you for the info! The current rent is $950. The property had a rehab and a floor upgrade to LVP last year. Currently, no pending maintenance.

Post: Suggestions needed to sell my rental in Kansas City, MO

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1
Quote from @Milton Chamberlain:

Hi,

I would recommend making it vacant.

Traditional Owner occupant financing requires the buyer to take possession within 60 days. Having the tenant  makes it:

A) harder to show the property, making it harder to sell

B) prevents a majority of owner occupant buyers from being able to offer on the home. So with only a majority of investor buyers, your sold price will be lower.

You can sell it occupied, but if lease ends soon, I would suggest making it vacant, painting interior, cleaning it, etc. this will get you the most money.


I have connections for all those services

This year will be like the last two years. Which means we will start to slow down in late July, and then enter the winter slow season in October.

Assuming rates remain above six percent, I’m guessing the spring market will kick back up in February. Just like the last two years.

Right now we are still in the sellers busy summer market.

You can of course sell from September to February, but there is less buyer demand. So your sold price would likely be less than selling in spring/summer

reach out if you want to discuss more






 Thank you Milton! The information about timing is very helpful!. 

Post: Suggestions needed to sell my rental in Kansas City, MO

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1
Quote from @Lindsey Mannix:

Hi Yippi,

I'd be happy to connect you with an amazing agent in KC if you'd like. Feel free to reach out anytime. As for your question about waiting on the lease to end or listing now, I have a couple of questions back - how much longer is the lease for? If you were to wait until the lease ends, can you afford to carry the costs of the property until sold? What is the need to sell? The answers to those questions would guide the recommendation I would give. Happy to connect!

~ Lindsey


Thank you Lindsey! The lease ends in the end of September. I do not have a very urgent need to sell, simply I want to allocate the money to some other assets. Yes, it is not a problem to wait for the lease to end before selling, but I am also concerned that if the market is slow at that time, the vacancy will be too long.

Post: Suggestions needed to sell my rental in Kansas City, MO

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1

Hello all,

I am consider selling a rental property in KC, MO. The location is not one of the good areas (64130) so it is relatively cheap. I bought it around 85K in 2021. Currently, there is a tenant in the property. 

How is the current market in the Kansas City, MO? Do you recommend that I start the process when the current tenant's lease ends, or when the tenant is still in the property? And do you have recommendations for the agents that I can reach out to?

Thank you

Post: what do you think about turnkey properties?

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1

Hi guys,

I am very new to RE. Currently I am working in California and think about investing out-of-state since the housing price is too high in my area. Turn-key seems the most hassle-free option and works well for me as a newbie and given this covid situation and stay-in-shelter. I found some people in the BP have turnkey business themselves and the deals look good, like a $80k house brings $280/mo cash flow as the report says.

What do you think of the deals like this? How realistic are the numbers in the report if you have experience buying the deals from the turn-key companies? What factors do you consider for a turn-key deal? Do I still need to find a real estate agent? What companies do you get your turn-key deals from? Will you recommend a newbie to do turn-key or other things?

Thanks

Post: Greeting and a question about rental from newbie

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1

@Jonathan Oh The seller changes new facilities so maybe it is in a good condition, or not. The operating cost includes: tax, insurance, and HOA (covers exterior maint, roof/foundation, lawn care, and all common areas). What other costs do you think it doesnt cover (one thing I can think of is property manager if I am doing long-distance)?

Post: Greeting and a question about rental from newbie

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1

@Michael Belmore Thank you for your info and that s very helpful! I am wandering, what is a good cap rate?

Post: Greeting and a question about rental from newbie

Yippi JimPosted
  • New to Real Estate
  • California
  • Posts 9
  • Votes 1

Hi guys! I am Mick and new to the real estate. I graduated from Texas and now working in SF, CA as a developer. I want to get into rental property and generate passive income. And now I am planning to do long-distance investing, maybe in Texas since I went to school there, but of course open to recommendations.

Thank you for reading so far, and here is my first question: Today I followed the beginner guide and went to loopnet.com to browse some deals. One deal seems pretty good. It is a condo that currently has tenants. The post also lists the price ($140k), rents ($1500/month), operating cost($5500), and cap rate(about 9%). It also does the calculation which shows a good amount of cash flow. My question is, what are some of the motivations for the owner to sell it if it keeps making money? Any tips to check whether it is fake or as good as it seems?

Thanks in advance