House For Sale in Olathe, Kansas

olathe real estate

This 4 bedroom, 2.5 bath home in Olathe, Kansas is for sale and being offered at $185,000.  Follow this link to find out more!

House For Sale, Olathe, Kansas

Ad Astra Realty, Inc
2011 E Crossroads Lane
Olathe, KS  66062
913-815-3473

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What Is Your Criteria For Investment Property

Good criteria is the most important aspect of real estate investing. At least that is what the last thirteen years of working with real estate investors helping to buy, sell and manage income property has taught me.  What is your criteria when it comes to investment property?

I have written about how important good criteria is for your rental properties before.   Here are just a few of the posts for you to go back and read.  Heck, the dates are from years ago but the philosophy has not changed at all.

What is Your Criteria For A Good Investment Property?
Real Estate Investment Property Criteria
Set Criteria For Your Real Estate Investments

Identifying the returns you would like to make in real estate investing is very, very important.  But so is knowing what property you are looking for to make that happen.  And what if your criteria and your return goals don’t match up? Well, then you can move on to another investment vehicle that will better suit you than real estate or you can counsel to find out what is actually realistic when considering income property as a vehicle to get you to that retirement worth having.

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Fully Understanding Investment Property

There are so many moving parts to fully understanding investment property that it is easy to get confused and overwhelmed.  But relax, just like algebra, it’s not all that difficult once you break it down in to little bite sized pieces.

The next series of blog posts will include the following subjects;

YOUR CRITERIA
YOUR TEAM
YOUR ACQUISITION
YOUR PROPERTY MANAGER
YOUR EXIT STRATEGY

In the following posts we’ll discuss each of these in detail to help you understand how you should really think about investment property whether it’s in Kansas, Texas or California.  We’ll talk about realistic expectations versus guru-seminar fantasy.  At least from what I see here in Kansas City.  As a professional real estate broker and property manager with Ad Astra Realty I can tell you what really happens out on the street.

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Filed under Property Management, Real Estate Investing

Property Management in Kansas City

I have to tell you that property management in Kansas City is going to get better and better because of Ad Astra Realty, Inc and our inclusion to a professional group called NARPM.  That is National Association of Residential Property Managers.

My real estate license was granted to me in May of 2002. And I have been a member of NAR (National Association of Realtors) ever since.  But I don’t really get much sense of value from it.  Just sayin’.  So that is pretty much what I expected when I joined NARPM.  I was hoping for a little education about property management.  What I got was a group of professionals who, while competing with each other for every dollar, are also striving to make property management better through education and cooperation.

It is my belief as owner/broker of Ad Astra Realty, Inc, that our owners and tenants deserve the finest property management services that could possibly be available in Kansas City.  I know we are the best when it comes to working with investment property buyers and sellers looking for rental properties. And now I am more assured than ever that we are on track to be, hands down, the best property management firm in Kansas City.  We probably already are.  But with continued education, I know we are.

This may all sound a little self-promoting or overly excited.  But property management is the crimp in the hour glass when it comes to your rental properties and I’m determined to open that crimp.

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Automated Showing Solutions for Our Property Management

property managementAd Astra Realty, Inc is happy to announce we’ve come up with an automated solution that will allow for more scheduled appointments for your rental properties, few no shows, feedback and so much more.  We’re very excited to move to the next level of property management here in Kansas City. Want to know more?  Just give Chris a call at 913-568-1579 or take our KCPropertyManager.com website out for a spin.  Pretend you are a tenant and see what you think.

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Tenant Behavior

I’m not a psychologist.  Nor am I able to speak in absolute maxims because let’s face it, no two people are alike.  But there is a pattern to tenant behavior.  Here are some of the things I noticed in the eighth years I have managed other people’s property.

Change Over
Any change over is fair game for downright deceitful behavior.  It’s amazing how any new owner is showered by tenants with “promises” the other, previous landlord had made.  Heck, we’ve had a fake receipt given to a new owner this last go-round.  I guess the tenant didn’t think that a fake receipt for the equivalent of four months of rent wouldn’t be verified by the previous landlord. Fortunately the previous landlord still has his receipt book. But we see variations of this over and over and over again when we take over new rental properties either through our property management business or our investment property sales division.

40%-50% of Rents Comes In “Just in time”
A great many of our 252+ tenants pay their rent early.  Sometimes as much as a week early.  But the greatest majority of our rents come in on the last day and a half before the late fees kick in.  Our late fees kick in on the 6th of the month.  We’re thinking about new leases saying the late fees kick in on the 4th of the month.  I’m sure the money would then all arrive on the 3rd. Just human nature?

Impulse
Working with tenants is different than working with buyers/sellers in this aspect;  Buyers and sellers, in general, tend to calculate and plan their next moves while tenants tend to be more impulsive.  They want to see a For Rent house “right now, I’m out front” or they need to move “immediately” even though the lease doesn’t end for another four months, etc.  But that’s the beauty of short term commitments, right?  I’m not saying the tenants are wrong to be more short term on their thinking.  It goes with the leases. You have to adapt to that.

Quality of Housing
Tenants want the same things as buyers.  They want clean, safe housing and good schools and convenience to local amenities.  Some owners and landlords seem to think that these things are not as important to tenants because they’ll be living their less time, most likely.  But it’s simply not true.  We have tenants, many of them, that could purchase homes if they chose to do so.  But they like the convenience and mobile nature of leasing. Make no mistake, however, that they want as nice a house as they can afford. They want the same things buyers want when it comes to those issues.  Deliver them a quality house and you’ll most likely get a quality tenant.

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Bicycling Olathe: Let’s have some fun!

olathe bicycling club

I have a Meet Up account to help track our Bicycling in Olathe and Beyond.  “BOB”

Bicycling Olathe and Beyond “BOB”

Olathe, KS
57 BOB Bikers

This group is about riding a bicycle. From there, we can go any direction. Some rides may be on the Johnson County trial systems. Others could be road biking days. Still other…

Next Meetup

Indian Creek Trail Ride – 10 miles (or so)

Sunday, Mar 1, 2015, 1:00 PM
29 Attending

Check out this Meetup Group →

That’s the URL to visit to keep track of the bicycling adventures that we will schedule here in Olathe.  Yes, I fully realize that this has little to do with real estate or real estate investment property.  But it’s part of who I am. Just like Jayhawk basketball, my wife & kids, and my faith.

Anyhow, if you are a reader of BBQ Capital and you like bicycling, or would like to try bicycling, come on out and join us.  I don’t take myself too seriously and it’s my hope that this group won’t either.

We’ll start at our office here in Olathe.  Good sized parking lot and good access to trails.  Also, a couple good “after the ride” meeting spots.  Hope to see you.

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