Monthly Archives: September 2007

September 5, 2007 · 7:13 pm

Property Management In Kansas City

I have got to tell you, good to great property management in Kansas City is very difficult to find!

I’ve been actively looking for a quality property manager in Kansas City, Missouri for quite some time. I can recommend some good property management companies in Kansas. Just not Missouri. Here is my problem.

The last four, I said 4 (quatro, for my Spanish readers), property management firms I ‘ve spoken to who are willing to take on more clients in Missouri are not licensed.

“You have to have a license?” is the standard response.

Jeez. If I have to tell you that Missouri is different than Kansas in that a property manager must have a real estate license to do business, any business in Missouri, then I’m not filled with confidence that you understand the rest of the landlord-tenant laws in Missouri.

I have half a mind to start a full fledged property management firm. Talk about a need. I could be at 100 units before January 1. I’m convinced of it. (Oh boy. I can hear Jeff Brown now.)

Seriously, if you are a quality property manager who is legally operating in Missouri and would like to discuss how we can do business, give me a call. Otherwise, you illegals are about to get competition. And I know how to make phone calls to Jefferson City. That will eliminate a lot of my competition right there!

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Filed under Property Management

September 4, 2007 · 7:41 pm

When You Have Cash Time Is Your Friend

If you are a real estate investor looking for below market rental properties you need to realize that Cash is King, but Time is the Motivator.

Yesterday I was reading Jim Crawford’s post titled In the Current Real Estate Market Cash is King Negotiating the Sale of a Home With A Cash Buyer. I found the post to be well written, on topic and especially helpful to the real estate investor looking to expand his or her portfolio.

But I do want to hone his argument to a finer point. While Cash is King most sellers receive cash (or equivalent) at the closing table. So it’s not the cash that will motivate the seller to sell below his asking price. Rather, it’s probably the time and ease the cash buyer brings.

Cash buyers can close next Tuesday. Time. It’s the motivator.

A “borrowing” buyer can get cash equivalent but it’s going to take a couple to a few weeks and is subject to underwriting standards. To someone under stress or really motivated to move on, time will equal an undisclosed amount of cash. And the less the time, the greater the time to cash equivalency will be.

Are you following me here? Saving a seller one more mortgage payment is easily worth that payment. Probably a premium above that, too. Helping a seller to get out of town to join her husband with the kids will be worth “X”. Relieving a cash strapped single mother of three working two jobs to make ends meet, and relieving her of that burden this week, is worth something to that overworked mother.

It doesn’t matter the motivation of the seller so long as you tap into it. I think you’ll find that in many cases it boils down to timing. How that timing relates to their situation is what you have to find out…and use to your advantage since you have cash. After all, you are a real estate investor, aren’t you?

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Filed under Real Estate Investing

September 4, 2007 · 6:25 am

Real Estate Invesment Report Card: What Will You Get?

What if you weren’t going to be here tomorrow? What kind of grade would your spouse or significant other give you on your choice of real estate investments?

After all, it’s them that are going to have to deal with these properties upon your passing. I’m not trying to be morbid. Just asking a question, really.

Many a real estate investor went out and purchased properties outside their criteria during the great real estate run-up. Maybe they bought houses with zero or negative cash flow. Or they bought houses in neighborhoods they would never let their wife visit. Or a whole host of other possibilities.

Either way, when you’re gone, what kind of real estate investment portfolio have you left behind?

Mortgage Rate, Bicycles & Kansas City Royals

Did you notice mortgage rates dropped again? Just further proof of what I’ve been saying. If you have good credit and some cash to invest in real estate, now is the time. The market conditions are really stacking up in your favor.

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Customer service is becoming a lost art. When you receive good customer service it stands out so brightly that you cannot possibly miss it.

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Has anyone noticed that the Kansas City Royals are sitting at 60 wins with only 27 games to go? That may not sound like much to you. But to me and other Royals “fans” that means their magic number is 3. Not 3 to win the pennant. 3 to make sure we don’t have a third 100 loss season in four years. Not too shabby. (My how expectations have fallen.)

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I may or may not post again before Tuesday. I’m not planning on doing too much today or tomorrow. So let me wish you here a happy and relaxing Labor Day holiday. Enjoy your time with your family. Now I’m off to church.