Filed under Kansas City Sports
I would like to introduce a new blog to you by Eric Moore, Esq. with Ghafoor, Cook and Associates in Independence, Missouri.
(Not actual portrait.)
Eric and I had lunch over at BB’s Lawnside BBQ about a month ago. I was very impressed with his focus on real estate and real estate investing law.
It is my hope that we will be able to get him to do a guest appearance here every now and again. But until then, stop by his blog at Kansas City Real Estate & Zoning Lawyer.
Filed under Worth Reading
I’ve helped several people do this over the years who have students over at the University of Kansas. Want to know more? Contact me at listwithchris@kw.com.
Thank you to Ilyce Powell for pointing this video out.
Filed under Uncategorized
Some people think I live a pretty exciting life. Ah, the world of real estate investing. Living the in the life of the BMW driving & Starbucks swilling elite of Kansas City.
If only it were that cool.
Let’s see. First I left the house earlier than usual to meet a contractor at a house getting a rehab job. Then it was off to meet an HVAC guy to inspect a furnace. Afterwards, I stopped by two duplexes I needed to see to examine whether or not to tell my clients about. Then I did grab lunch (Arby’s – I used a coupon for the Jamoca shake) on my way to a closing.
Family responsibilities came next. Dinner, football practice and tickle time with the girls. Then off to the home office to run numbers on 4 properties so I can send them off to a client tomorrow morning.
That’s right. I ran numbers for an hour. Examining expenses, income and forecasting future repairs, appreciation and rent rates. Figuring equity rates of return, cap rates and cash on cash.
Pretty exciting, huh? No. But that is why you don’t see any HGTV or A&E programs about the real estate investors that buy right, rent at good to great rates and then sell when appropriate. When is appropriate? I don’t really know at this point. But I’ll tell you when you get there. Maybe 3 years. Probably closer to 5-7 years. Rest assured, I’ll let you know when the time is right.
Real estate investment analysis is not sexy. But if you want to have a retirement worth having, it’s necessary.
Filed under Real Estate Investing
Filed under Real Estate Investing
The really great thing about the home buying process in the Kansas City area is the 10 inspection period allowed for in the standard Kansas City Regional Association of REALTORS contracts.
Recently I had an investor that had worked out a pretty sweet deal on a duplex in the Kansas City area. Sweet that is as far as we could tell.
Now I’m pretty experienced at spotting potential problems. Furnaces, basements, roofs, etc. Heck, I even know what a mud tube looks like and can spot suspect wood damage. But inspecting homes everyday is not my gig. That’s why I encourage the hiring of a reputable, professional termite guy. Especially here in the Kansas City area.
Getting back on story, I knew or suspected I knew, that the house had termites or had had termites. I even conveyed this to the buyer and showed him why I was suspicious. We kept that in mind on the offer and assumed a $1,000 or so in repairs.
Hold the phone. After the termite guy gets done inspecting it during the inspection period he shows me a tunnel I missed that spreads to basically everywhere in the house. He starts poking his screwdriver through floor joists all over the basement area and again on structural, load bearing tri-lams.
No matter how sweet our deal was, it wasn’t going to be enough to cover all this. And we were figuring the long term liability was too great EVEN IF we could get the seller to come down further.
I’ve seen extensive damage before. There is repairable. There is not repairable at a price that makes senses. This didn’t make sense. Best to move on. That’s the beauty of real estate inspections.
Filed under Personal Real Estate Opinions
My friends from Austin, TX are hurting. A brother and father was lost. When I learned of it yesterday I thought back to when I was driving around with no life insurance, or health insurance for that matter. My wife and (at that time) only son’s future were completely out of my control.
I’m older now. I’ve been blessed with more. And while I still have no control over the future I am able to have a life insurance policy large enough to help out. A house or two to sell if necessary, as well.
But unless you are extremely blessed from the beginning most people in America spend at least part of their 20’s and maybe 30’s without significant life insurance. Go back to those days, at least for the moment. And think how you would have needed your friends, family and acquaintances to step in if necessary.
Filed under Uncategorized
BBQ Capital | Kansas City Real Estate Investing 