Thank you for whatever help you may have been. But it appears that the worst has befallen Kelsey. Keep her and her family in your prayers.
Monthly Archives: June 2007
Understanding the Size of the Kansas City Real Estate Market
Kansas City, geographically, is a huge area. Huge. Don’t believe me? Check this out:
Kansas City Metropolitan Area*
- Population 1,967,405
- 27th largest metro (by population)
- Area covered 5,406 square miles
Los Angeles Metropolitan Area*
- Population 12,943,547
- 2nd largest metro (by population)
- Area covered 4,850 square miles
Wow! What a difference. Los Angeles has 6.5 times the amount of people and less land to put them in!
So What Does All This Mean To You?
It means, quite simply, that you need an expert when you are buying or selling a home in the Kansas City area. I live in Olathe and I see signs from agents who live in the Northland (north of the Missouri River) listing homes here. Why? Are they experts in Olathe? I see Olathe agents listing homes in Blue Springs. That is 34 miles away! How much of an expert can you be?
I do drive around all day because I’m comparing investment numbers to investment numbers. So to me and my clients it really doesn’t matter where I find them good values. Investors are looking for return on their investments. Not convenience of shopping centers and etc. (Yes, I know that counts, but not as much as ROI.)
Occasionally, I will list regular single family homes. But it better be in an area that I am intimately familiar with. Otherwise, you should be looking for another agent that will be a good marketer for your situation.
I Can Refer You To Good LOCAL Agents
Because I get all around town working with income property I meet a lot of different real estate agents with a lot of different companies. If you are looking to buy or sell a home over in Lee’s Summit feel free to give me a call. I can refer you to a good house agent over there. Same is true for the Northland and Wyandotte County.
As the real estat market continues to shake out and the part time real estate agents fall away it will be more and more important for the consumer to choose their agent carefully.
*Statistical information found on Wikipedia
Filed under Kansas City Real Estate
Find Kelsey of Overland Park, Kansas
This girl went to the same high school I did. She was abducted the other night and it has turned into national news. If you see her, please contact the authorities of Overland Park, Kansas.
You can find out all you need to know at FindKelsey.com.
Filed under Uncategorized
Lording the Land: Doubters Inc. (or: Should you Incorporate?)
Lording the Land: Doubters Inc. (or: Should you Incorporate?)
Take your time to go over and read this explanation on LLC vs sole proprietorship. I seem to stand alone on my conviction to have not formed an LLC for me and my property. At least I know there is someone else out there that thinks along the same lines as I do.
I found this blogger through the Carnival of Real Estate Investing on Equity Scout. Take a look.
Young People of America: Invest In Real Estate
Young people are learning to invest in real estate. Young people today seem to be learning a lot faster than my generation. True, I’m only 42. So it’s not like I’m a geezer, yet. But when I am working with these 24, 25, 26 & 27 year old clients I feel like a proud papa.
– – –See this photo? Even with the movement towards financial security, this is about the right ratio of “people in the crowd” actually making the move towards owning income property. – – –
This won’t be a long blog post. It is really just a post to say how proud I am to help these kids get started. Rather than spend all their money on trips and single family homes that are too big for them at this time I’m seeing twenty-somethings purchase a duplex, rent out half and live in the other side.
The plan is nearly always the same: Live in one side and rent the other for about 2-3 years. Then, move on to the single family home (or another duplex) as an owner-occupant and keep the duplex as an investment property.
A few will be satisfied with that. And that is fine. Think about it. If they don’t do anything else, if they don’t buy another rental property. If they don’t 1031 exchange. If they don’t lease option, etc. When they are in their 50’s they’ll have a piece of property that is 100% paid for, cash flowing tremendously and can sell it to help fund their retirement.
Editor’s note: The above strategy is not recommended as a good long term strategy. But even that strategy is 1,000% better than what most people will do.
And another terrific thing is these young adults are still investing in their 401K’s and/or their IRAs. And even better, a few are taking on other income properties, as well.
So there is definite hope for the generation that follows mine. Self-reliance and entrepreneurship are alive and well in America. And that is a good thing.
Filed under Personal Real Estate Opinions, Real Estate Investing
Friday Meanderings
Here are some blog posts worth reading:
Investors vs. Speculators::Which One are You?
1031 Tax Deferred Exchanges-200% Rule
So You’ve Decided To Buy A Property With A Friend…
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I ran into this guy the other day at the post office. If you like to Bar-b-q you are going to want to check out this site. And you know we Kansas Citians love to BBQ. American Barbecue Systems.
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Isn’t it amazing how many different ways there are to say Bar-b-q. Let us list some:
- BBQ
- bar-b-q
- barbecue
I guess it’s appropriate since there are so many ways to BBQ. Memphis thinks thinks they are the best. (And they are good.) Carolina thinks they are the best. (I don’t care for vinegar and cabbage on my sandwich, thank you.) Texas…well Texas has a Texas sized ego about everything. But here in Kansas City, we have a little of each of those. We’re the Constantinople of BBQ.
And remember, grilling isn’t BBQ. It’s grilling. BBQ is low and slow.
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I’ve got a line on some pre-construction fourplexes out in Manhattan, KS if anyone wants any information.
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I’m noticing the rental market get stronger and stronger. My prediction from about 18 months ago is coming to fruition as lending standards are tightening and foreclosed homeowners are moving back into the rental market. Add to that slowing building and we should be nearing the bottom of the real estate cycle, here in Kansas City at any rate, in the next 12-24 months. Then things should slowly start to edge back up.
But we’re not too bad now, relative to the rest of the country. At least our appreciation is 2%-3% instead of depreciation!
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My son leaves for the South Pacific for 21 days on Tuesday. I’m so envious of his trip.
BBQ Capital | Kansas City Real Estate Investing 