Just wanted to start a discussion on different things that REI in Wichita and metro area look for when shopping Real Estate! What areas, type of build, price range, potential client base, etc.
Personally, I'm new to Real estate investing! One reason behind this post is to say hello and introduce myself! I will actually be in town over the weekend if anyone wants to grab a bite or brew and chat real estate! I grew up in Wichita, but moved to Denver when I was 18. The market is highly inflated here (up to 7x Wichita prices), so i decided i would buy in Wichita for cash flow.
Luckily i found a deal pretty quick, and I'd have to say it's exactly what I was looking for. A 70k brick duplex at Lincoln and woodlawn area. I close the 13th, and I'm hoping to BRRR the property!
When I'm shopping, I look for a few things. Feel free to let me know if I'm crazy for doing any of these:
I like Brick homes! This is something one of my mentors kind of drilled into my head from his own buys here in Denver. I'm ok with a bungalow or typical wood frame as well, but i value brick more.
I'll buy in a cheap area, but up until a certain point! I want to keep good tenants for years if possible, and i want them to enjoy where they live.
Jobs! I want there to be steady work in the area. I try to assess the future of jobs 10 to 20 years down the line. Obviously this is extremely difficult, but automation is quickly gaining traction so i try to account for that. Unfortunately the US is always in conflict somewhere, so i consider all military a stable job market.
Value add and under market price. I want to be able to improve the property somehow, create equity, and a place that someone is proud to rent.
Solid fundamentals. I will NOT buy something highly speculative, that requires a refi or higher appraisal just for it to survive in my investments. I count on a market crash. I've got my day job to roll the dice, im in REI for the "safety". Luckily Wichita's market seems to have plenty of solid fundamental opportunities.
What do you like to see in your investments here in town or in general? :)