Real estate investing in Kansas City, California, Florida or wherever share these deadly sins;
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@adastrarealty
Ad Astra Realty, Inc
fka KC Property Manager
CONTACT INFORMATION
Chris Lengquist
MAPS Leadership Coach
KWU Approved Trainer
Associate Broker
Keller Williams Realty
Diamond Partners, Inc
13671 S Mur-len Road
Olathe, KS 66062
913-322-7500
Chris Lengquist
Owner/Broker
Ad Astra Realty, Inc
KC Property Manager
503 N Mur-Len Rd, Ste B
Olathe, Kansas 66062
o 913.839.2953
m 913.568.1579
Chris (at) AdAstraKC.com
BBQ Capital | Kansas City Real Estate Investing
Chris:
You have hit the head of the nail.
The price (and your time) you pay for an investment is more than just projected rents paying for mortage, taxes, and insurance.
The seller may hide their maintenance expenses or just did not do maintenance. Fail to disclose past expenses they used in their federal tax filings. Fail to disclose that half the tenants are not paying rent or tenants leave every year.
If you paid more for the property than the tax assessment, your taxes are going to be based on what you paid for the property in the near future.
Chris posts about the four benifits of real estate investing (areas you would let your mother live). Cash Flow Before Taxes, Principal Reduction, Tax Benefits/Depreciation, Appreciation. To make these work you have to manage the property and keep it rented.
If you cannot afford to pay the mortage and pay for repairs if your tenants don’t pay the rent (takes time to evect), don’t buy the property.
My deadly sin is typing too much for this post.
That’s okay, Pat. Love the comment.
Possibly your best post this year.
Are you suggesting I should write less? 🙂 Thank you.