I went out with some experienced Kansas City real estate investors today. And it’s always an eye-opening experience when I do. First, I learn from my clients as much as they learn from me. Second, sometimes I’m shocked at what people are thinking.
For instance, we saw 5 houses today. Four of the houses for sale were all pretty similar and would make great rental property. They were all ranches (three had basements) and were all fairly simple to maintain. The 5th house was by far the cutest. It had that Grandma’s house feel to it. Easy resell, which is certainly worth quite a bit.
But the roof had at least 3 layers. The outside was stucco. And the walls were plaster. And the basement was rock.
No biggie. There are lots of houses like that in the Kansas City area, and probably your area, too. But the plaster walls and rock basement and many layers of roof mean a lot of maintenance issues as the years will roll by.
When you are looking at buying investment real estate do you keep maintenance in mind?