BBQ Capital | Kansas City Real Estate Investing | Real estate investing and property management in Kansas City.

August 12, 2008 · 9:01 am

Kansas City Real Estate Investors Can Still Get Mortgages!

I just hung up the phone with a potential out of state investor looking into the Greater Kansas City area for their future rental properties. Know what? They thought the Kansas City real estate investor was having a difficult time obtaining mortgage money. Nothing could be further from the truth.

You can still get a mortgage for investment property. Here are the parameters as I know them;

10% down for single family homes, townhomes and duplexes.
25% down for triplexes, fourplexes and anthing with 5 units or more.
Credit scores of at least 680…720 and above is more better.

Even if you have more than four properties you can still get an investment loan.

Jeff Brown over at Bawldguy just wrote about this today (inspiring this message) and is also preaching to the masses.

Are you in the market for a Kansas City investment property? You should give me a call today. I’ve got about 4 identified that I’m enamoured with. Talk to you soon.

2 Comments

Filed under Financing Options, Investment Property

August 12, 2008 · 7:56 am

Monument Rocks in Kansas

Warning! This post has nothing to do with Kansas City real estate investing.

Instead it has to do with me! Well, really a natural treasure in western Kansas. Behind my boys and I you see the Monument Rocks located about a half hour northeast of Scott City, KS. That’s about 330 miles from where I live in Olathe, Kansas. That’s a lot of driving without ever leaving the state.

Anyway, these “rocks” are made of chalk. Brittle to the touch. If you are ever driving through western Kansas on I-70 it would behoove you to make the trip south about 45 minutes to see these. I fear they won’t be around 500 years from now because they are so brittle.

This area of Kansas used to be an ocean. It is country filled with fossils and archaeological finds like a pueblo about 15 minutes south of here. It’s the northern most pueblo ever discovered.

Anyway, I thought I would just share this with you who only hear of Kansas’ endless wheat and corn fields. We do have those. But we do have these treasures, too.

Kansas City Rental Market Strong

People ask “How is the Kansas City rental market?” Well, like the real estate sales market it varies from place to place. But I can give you this personal anecdote. Last Tuesday or so I put up two For Rent signs on two different properties that had just gone vacant or is going vacant August 31. One is in Blue Springs and the other is in NE Kansas City. Both on the Missouri side for you out-of-town readers.

Anyway, I’ve had about 4 calls already on the NE KC home and about a dozen calls and three showings on the Blue Springs duplex for rent. And Blue Springs has two people serious enough to say they are going to put in applications. Now, any experienced property manager will tell you that you do not know until you know. And even then it may take a couple months of tenancy to know. Know what I mean?

Here in Olathe, Kansas I’ve watched a couple of For Rent signs go up and come down in a matter of 2-3 weeks. Now, those weren’t mine but I watched them. And my rental property in Olathe just had the tenants sign on for a third straight year.

Now, on the east side of Blue Springs some clients of mine did take about 60 days to get a completely vacant duplex they purchased loaded with occupants. That duplex had rents on the slightly higher end for Blue Springs.

So there you go. Just in case you were wondering how the Kansas City rental market was going.

3 Comments

Filed under Investment Property, Property Management

August 8, 2008 · 7:14 am

Housing, Geocaching & Father/Son Bonding

A few miscellaneous thoughts heading into the weekend…

…no doubt about it. From the overall slow down in phone calls these last two weeks I’d say too many of you are reading the reports of other states and applying them here. While Kansas City is NOT immune to the troubles going on around many parts of the country if you are a real estate investor you need to educate yourself as to the facts here in KC!

…every year before school starts I take my boys on a father-son trip. Places we’ve been include Cunningham Fallsand Assateague Island in Maryland. Cooperstown, NY to see George Brett get inducted. Six Flags over Texas and then Six Flags over Missouri. Crystal hunting in western Oklahoma. The Smithsonian Institution’s Cosmosphere in Hutchinson, KS. Yes, Hutchinson. This year we are heading out to go Geocaching in central Kansas in some of the most rugged terrain the state has to offer. And before you make some snide comment you are welcome to come and try and keep up! The time spent with the kids pays off all year.

…getting ready to head out to that Radon and Real Estate Workshop I told you about. Don’t forget about the Rehab & Rent Workshop. The seats for that one are going surprisingly fast. Over 3/4 full already!

…God has blessed us to live in a free country. You’ll see a lot of propaganda about the economic development in China. Just remember that you still need permission and permits to worship as you choose there. See if they remember to mention that.

Landlord Loses His Mind

From today’s Kansas City Star:

Newark, Del. | Police have arrested a landlord who allegedly rammed his Hummer into a renter’s house, claiming the tenants were behind on their rent.

Police said the 30-year-old landlord crashed the SUV into a home on Lute Court in Harmony Woods about 3 a.m. on Thursday.

A 50-year-old woman an her 53-year-old husband sleeping inside an were jolted awake by a loud crash and the house shaking.

Officers learned the man was the landlord and went to his home and saw the damaged Hummer with a pine branch stuck in the front bumper.
|The Associated Press

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First, how does this help the landlord with his expenses? Second, how does it help collect the rent? And third, I’m sure there is much more to the story. Aren’t you? But hey, maybe he needed the money right now for gas. I might suggest that if your tenant hasn’t paid rent that you handle it a little differently. 🙂

4 Comments

Filed under Misc. Real Estate, News Of The Weird

August 5, 2008 · 10:10 am

Bad Guy Update

A few days ago I wrote about a crooked real estate investor that operates here in the Kansas City area. Upon futher research and confirmation I did find that he holds a real estate license and holds it with a different franchise of the same company I work for! Well, this simply won’t do.

I’m happy to say that this person will no longer have his license with Keller Williams Realty effective Friday. Why Friday? I’m not sure. But I have been assured that he’s gone. Good. One less yahoo out there causing problems.

And I heard from Ben Edsall over at Turn-Key properties that this crooked real estate investor stuck a bank he works for with over 100 properties. 100! One hundred! Uno hundred! Can you imagine?

And still two different sources have assured me the FBI is investigating the dude. I don’t take joy in the misery of others. But this guy deserves all he’s gonna get.

When you are looking to invest in real estate you better check out who you are going into business with. Anything less than 100% transparency should be huge waving red flag.

2 Comments

Filed under Legal Issues, Misc. Real Estate

August 2, 2008 · 6:36 pm

Rehab & Rent Workshop Announcement

There will be a Rehab & Rent Workshop put on by Chris Lengquist of Keller Williams Realty in Olathe on Saturday August 23, 2008 at 9:00 am and ending about noon. Space is limited so you must register to attend this workshop designed to teach you the numbers and philosophy of buying a home under market, rehabbing it to rental standards and then renting the home for cash flow. The location will be at Keller Williams Realty Olathe located at 801 N MurLen Rd, Olathe, KS.

Guest speaker Ryan Dusenberry will also be in attendance to share his own personal experiences with this technique that has allowed him to build his investment property portfolio to 9 properties…and he’s still in his mid-twenties. And of course Chris Lengquist will be there to teach the fundamentals of how to evaluate these properties to choose between the winners and the losers.

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Have you ever wanted to own rental property in the Kansas City area?
Have you ever wanted to rehab a house for the profit?
Have you ever been frustrated with the available inventory of rental property and rehab property?
Have you ever wanted to know how to evaluate rental property before you buy?
Have you ever wanted to hear from someone actually doing it?
Have you ever wanted to hear from a lender on the subject of rehabbing and renting?

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There is no charge for this Rehab & Rent Workshop. But you must register. Simply click on the register highlights and fill out the form and indicate that you are registering for this workshop. There will be no books to buy, no seminars to sign up for at outrageous fees and no tapes proclaiming any get rich quick schemes.

This is a hands on workshop so feel free to bring a calculator, pencil and paper. Bring your questions and a good attitude.

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What if you could buy a home or duplex that was for sale significantly under market? Maybe not enough under market to flip the house but enough to rehab and then rent. You’d have great cash flow and a fair amount of equity just sitting in the property waiting for your next move later down the line.

More of this strategy will be discussed in detail at the Rehab & Rent Workshop. Register now.

8 Comments

Filed under Investment Property, Misc. Real Estate, Real Estate Investing