Multi-Family Housing For Sale In Johnson County, Kansas

Here is an update on multi-family housing for sale in Johnson County, Kansas. There are currently 54 duplexes or apartments for sale. I would only recommend about 5 of them based on what I’ve seen, condition and price structure.

Tip: Duplexes and apartments are like regular houses in that if they are overpriced no one is going to buy them. No one advised by me, at any rate.

***

I had no fewer than 4 “price adjustment” emails sent to me today. I’ve said it before and I’m going to say it again. For you real estate investors out there with cash in your pocket and a healthy credit score you are going to clean up this winter.
Call your mortgage guy, get the pre-approval letter ready and be ready to strike when I call. I promise you that you will be happy.

3 Comments

Filed under Real Estate Investing

3 responses to “Multi-Family Housing For Sale In Johnson County, Kansas

  1. carlivar

    What do you mean by “price adjustment”? 4 sellers want to lower their prices today?

    I was considering buying an investment property this summer but after reviewing market data decided I could get a better detail later in 2007 or 2008…

    It’s not just real estate pricing that I look at, it’s rental vacancy rates as well.

  2. Chris Lengquist

    Price adjustment in REALTOR speak means lowering the price. And while I cannot argue your theory of buying for less later, I cannot guarantee it, either. Crystal ball cracked and all.

    As far as vacancies are concerned, they are excellent here in most of the area. I wouldn’t worry too much about those.

  3. carlivar

    Sure, no one can guarantee what the market will do. There’s nothing wrong with an educated guess however.

    I do like your November idea, buying before the holidays.

    The main thing that worries me is that K.C. has a terrible Loan-To-Value rate. 39% of mortgages are over 90%. Nationwide median is 11%. Yet K.C. real estate is also some of the cheapest in the nation, so why are buyers struggling to come up with decent down payments? Seems to indicate more foreclosures on the way. I think when foreclosures finally stop increasing I will be looking to buy.

    Some sources:

    http://www.forbes.com/2007/07/17/risk-housing-homes-forbeslife-cx_mw_0717realestate.html

    http://www.kansascity.com/business/story/265540.html

    http://www.kansascity.com/449/story/263315.html (defaults expected to peak next year)

    Now, I’m not saying that anyone is wrong to buy now. There are good deals now, at least in terms of cash flow, if not equity. Just seems like there will be better deals later.

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