Tidbits & Asides Regarding Kansas City & Real Estate Investing

  • Tomorrow is the Rent & Rehab Workshop I’ve been talking about.  I’m expecting a good turnout.  Hopefully it will be worth their while. 
  • After the workshop I’m showing a California real estate investor around looking at properties that will hopefully meet his criteria since he’s flying out all this way.  I’m still trying to decide which barbecue to take him to. 
  • Kansas Jayhawk basketball practice started yesterday since they are going to Canada in a week or so for one of those “international” pre-season games.  A good chance for the young me to get started.
  • Is Canada really international?
  • I’ve noticed that searches for real estate investment property in Kansas City is down slightly on the analytics package I use.  Is this because of financing?  Fear?  Lack of interest?  It’s summer time?  I’m curious as to what you think.
  • The Royals are in another tailspin.  I guess this means another win streak is right around the corner.
  • The airshow is in town this weekend.  If I can spare a moment I’ll get out and watch the Thunderbirds on Sunday.  I love those guys. 
  • One of my favorite property managers has announced to me that he is selling out to another property manager I know.   That’s too bad.  Or at least that’s what I think at this moment.  Hopefully I will be proved wrong.  But I usually like where there is healthy competition. 

6 Comments

Filed under Kansas City BBQ, Kansas City entertainment, Kansas City Sports, Real Estate Investing

6 responses to “Tidbits & Asides Regarding Kansas City & Real Estate Investing

  1. Nancy Kilburn

    I’m going to answer your question as to why searches for investment property are down on your web page right now: the answer is banks.

    We’ve been trying for the last month to refinance an investment property. The banks are acting as if they don’t want to loan you any money. For example, the closing costs are extremely high and the rates have barely budged in the last nine months even though the Fed has lowered the rate 3 1/2 percentage points. They are hurting everyone: sellers and buyers and especially real estate investors! Everyone is stuck and can’t do anything. We are paying for the banks’ greed and bad decisions!

  2. Nancy,
    I’m sure you are not alone in your perception. It’s one I happen to share. There is money out there right now but there are more hoops to jump through and it is more expensive on the front end.

    If you don’t need to refinance I suspect another year going by may make a big change.

    For example, Countrywide jumped off the 4 limit after a very short period of time. Hopefully as the pendulum settles to one extreme it will begin to move back as banks come to their senses.

    After all, how can they make money if they don’t loan to people who ACTUALLY QUALIFY for the loans?

  3. Where is the end? 1, 2, 3 years more? How is you area doing?

  4. The end? I have no idea. 6 months? 6 years? Japan took nearly a decade. I don’t think, however, we are inside six months. I’m not even convinced we are inside two years.

  5. Have you been having any luck with rehab lending lately? Getting a loan for property acquisition has been tough for most of my people, but most of them have been able to manage. Getting money for fix-up, on the other hand, has been really tough. Some of these cheap foreclosures in St. Louis are great and all, but almost all of them need $20,000+ in rehab work. Having to find enough cash to put 25% down and then pay for the fix out of pocket is killing the market. The inventory glut will never go away unless qualified buyers can find an outlet for funds.

  6. Matt – It is tough. The market is dead to those without cash. Financing is tough everywhere right now. It’s just crazy some of the trouble some of my folks have had. Very qualified folks, at that.

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