Monthly Archives: January 2012

January 29, 2012 · 7:25 am

Cash Investors Out In Force But Inventories Are Down

It’s a confusing real estate market right now for the uninitiated.  The problem is that cash investors are out in force but the available inventory is down. We keep reading that there will be another wave of inventory coming but the banks seem to be holding out on us.  The properties that do come on the market that work for the cash real estate investor are being snapped up pretty quickly.

We keep finding ourselves in multiple bid situations on many occasions and a step too late on others.  The properties that get passed over sit for so long because the banks are living in a fantasy world as to value that no one wants them.  It’s just sort crazy!

Are the banks waiting till spring?  I heard the banks were waiting to see if there would be any new bail outs.  But that would be political suicide, wouldn’t it?

3 Comments

Filed under Kansas City Real Estate, Real Estate Investing, Social Issues

January 9, 2012 · 10:36 am

Evicitons: Not Fun For Anyone

Today we have an eviction at noon.  And that is not fun.  The tenant has not paid rent since September 17  nor has she made any attempt to contact me to make arrangements.  My calls and emails go unanswered.  It’s currently 31 degrees outside and she has two children 10 and under.  Yet, at noon, we have to put her out.  What choice do we have?

I realize people think a landlord may enjoy this.  But the owner of this building has kids and mortgages and financial responsibilities, as well.  He’s not looking to support an additional family of 3.

And why won’t they leave before we come over?  When we put her stuff out on the street it will be picked over by passer-byes making the situation worse for her.  Denial?  Probably. I’ve seen it before.

We talk a lot about the benefits of owning investment property.  This is one of the downsides.  It takes a human toll.

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Filed under Property Management

January 4, 2012 · 5:58 pm

Not Making This Up

We offered a few times on a house in Raytown, MO that was over priced, but then most foreclosure properties are at first.  In each of the rounds of bidding (three…each time the price changed downward) we offered and held firm at $30,000 with a cash closing about 10 days after acceptance.

The latest round we were to close on December 28.

So, in essence, the bank would have had $30,000 in cash on December 28, 2011 and would have released all their liability with owning the property.

Well, they just lowered the price to $29,900 and the house is in limbo as they decide whether or not to send it to auction.  Can anyone, and I mean anyone, explain this to me?

4 Comments

Filed under Investment Property, Kansas City Real Estate