Just the basics here for owning and operating Investment Property in Kansas City or elsewhere.
The Four Basic Benefits of Investment Property
- Cash Flow Before Taxes
- Principal Reduction
- Tax Benefits (Depreciation, etc.)
- Appreciation
Quick, (seemingly) witty tips to help you not go bankrupt with investment property…
- Buy on numbers, not gut-feelings
- Investing and speculating are two different things
- Look to the meat of the market for whatever market you are in (i.e., the meat might be 3 bedroom, 2 bath homes for rent close to medical centers or schools priced between $150,000 & $170,000)
- Allow for the unexpected (trite, I know)
- Have reserve funds
- Don’t proceed too quickly
- Don’t procrastinate
- Get objective advice from someone with rental property
Required Reading
- This blog
- www.bawldguy.com
- Building Wealth One House At A Time by John Schaub
Last tip: Discernment is required. The ability to understand your own position, feelings, goals and actions and how they fit into what you are hearing and learning.
Owning investment property does not take a rocket scientist. It does take planning, effort and money. Anyone can do own investment property successfully.
BBQ Capital | Kansas City Real Estate Investing 
And call Chris when you get serious.
Ah, shucks.
I agree to buy the number, not gut feeling because when we sell it, we use number, right ?
nice information i really appreciate….
thanks…
Property investment information, advice
Good stuff. I like (and own) Schaub’s book, definitely a good read. I also like “The Weekend Millionaire’s Secrets to Investing in Real Estate: How to Become Wealthy in Your Spare Time” by Mike Summey and Roger Dawson. Pretty similar concepts, realistic approach. If you want a ridiculous book on speculating in real estate: ”
2 Years to a Million in Real Estate” by Matthew A. Martinez. I say speculating because he makes assumptions like you’ll achieve 100% appreciation in 2 years and you have $100,000 to invest initially. Sounds like a recipe for buying Florida condos in 2004…
Aaron,
Thanks for the heads up on the ridiculous. I just love the stupidity floating around out there and the people willing to buy it!
Hello,Investment Property UK – Are UK interest rates pushing out investors? Is there still money to be made in the UK property market.