I am currently looking to buy a duplex property in Kansas City, MO where I can live in one side and get good rent on the other. There is almost no inventory in the areas I desire. I want to stay inside the inner city of Kansas City, but more west towards Hospital Hill, Martini Corner, Westport and Plaza areas. I would like to stay under $175k. Is this possible? Anyone know of any other ways to look besides realtor.com, reece and nichols, KW, etc?
Besides FSBO on Craigslist, Zillow, etc and listings on the MLS I would recommend buying a list of all the properties that meet your criteria in your desired areas. You can either drive to the owners house and talk to them in person or do a direct mail campaign to get them to call you. Many people would consider selling but it is not a priority for them so they put it off especially if it is a income producing property.
Just be patient and search for the right deal, not the fastest. Maybe look at a 4 or 8 plex that could pay for itself while giving you free rent?
How many duplexes are there in the area you have laid out with within that price range? You can go onto List Source and get a count of the number of properties that meet your criteria for free. You may be able to get that info from the county appraisers website too.
@Maria Mendoza You didn't mention a real estate agent. Call 2 or 3 in the area you like. They will bring you new listings as soon as they hit the market.
Oh yes, I'm currently working with an agent. She sends me listings as well. Ha ha! But there aren't many to send, so it's not often.
@Maria Mendoza what zip codes are you looking to buy the duplex in? I have a very effective marketing campaign that I send to property owners. I would be happy to send out my marketing to your desired zip codes and then tell you what I get.
Have you thought going to county records to find out if the houses in the area you want have major home violations ?
Hey @Gordon! I am looking primarily in 64101, 64102, 64108, 64109, 64111, 64110, 64127, and I'll consider 64123 and 64124.
You know what @Jamal, my current neighbor just told me about that. They had an issue where they bought a house with prior bills from the city for violations. I will definitely look into that once I am really considering a property.
A way that I work to find properties is by calling landlords to find out if they are ready to sell followed by a letter thanking them for speaking with my and my contact info for when they are ready to sell. It might be worth the effort if no inventory is available? Just a thought and good luck!!
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