Does anyone have any thoughts, ideas or advice on the Wichita market. Looking to pick up 1-2 low cost rentals this year for a buy and hold strategy. Are rentals sting on 3/2 single family homes?
Are you talking Wichita KS or Wichita Falls TX?
Kansas, Texas property taxes scare me. Too high.
@Douglas Rice I say great idea. You have the potential in Wichita to achieve greater than the 1% rule. Wichita is the biggest city in Kansas. Taxes are very low. There are plenty of renters. You can't go wrong with a 3/2 single family here if following the BP standards. I'd recommend getting with @Jared Viernes if you are a serious investor. He understands the BP lingo and the investor mindset. Good luck.
@Douglas Rice Just make sure you work with someone who knows the good and bad areas of the city. There's pockets where you probably want to avoid. But overall its a good market, where you can pick up good deals, and I know a lot of people who have rentals there. I've looked at a few, but haven't pulled the trigger yet.
@Douglas Rice there is definitely a lot of good opportunities to invest in the $70k up for cash flow without the headaches. As an out of state investor you probably want to stay away from the low end; there is definitely much better cash cows in the lower end but its often not worth the trouble. As @Jonathan R. mentioned, there is tons of opportunity in SFRs with 3/2s all over. The MFRs are not as plentiful, with the majority of those on the market in bad areas or too highly priced.
If you are looking to do some fixer uppers there is a fairly large wholesale community here with a couple reputable wholesalers. Of course, managing a project from afar is not ideal. Let me know if you need any assistance.
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