Topeka, KS · Member since 2018 · 5 posts · 2 votes
$1,950,000. That’s $28,676.47 a door! At $450-550 rented each month.
I am in no way a part of this deal (though I wish I was) I just thought it was a good investment and wanted to share.
From the agents website. “Here"s your chance to Own the whole block, Enlarge your investment portfolio fast and have good cash flow. Tenants pay all utilities. Addresses for all 34 buildings, each address has two sides for a total of 68 units: SW Brendan Ave: 3338, 3346, 3354, 3364, 3370, 3378, 3386, 3394, 3400, 3408, 3418, 3424, 3432, 3440, 3448, 3445, 3437, 3431, 3423, 3411, 3401, 3393, 3387, 3379, 3371, 3361, 3355, 3345. and Sw 33rd: 1014, 914, 918, 922, 1002, 1006.”
I've purchased properties from this seller before. They will fill their properties with any sort of tenant. You'll end up turning over 30-40% of the tenants pretty quickly. Secondly, they don't do any sort of maintenance or upkeep on their properties. There will be a TON of deferred maintenance, guaranteed. A couple of the units are actually condemned by the city. My primary maintenance guy also works for this seller, he spends a ton of time out there, nearly non stop.
$1.9 million is just too high for the area and the condition.
If you buy that package you'd be buying a FT job. I guess if you dont like your job nothing wrong with that but I dont specialize in C- and D properties. IMO living here in Topeka thats what those are. Nothing wrong with that just not my cup of tea. Topeka has no positive development anywhere around it and those would have likely near 0 appreciation.
I've purchased properties from this seller before. They will fill their properties with any sort of tenant. You'll end up turning over 30-40% of the tenants pretty quickly. Secondly, they don't do any sort of maintenance or upkeep on their properties. There will be a TON of deferred maintenance, guaranteed. A couple of the units are actually condemned by the city. My primary maintenance guy also works for this seller, he spends a ton of time out there, nearly non stop.
$1.9 million is just too high for the area and the condition.
@Jacob Sampson so the woman named Rebecca Leach is a tried and true slum lord? Kind of looked like that via google street view. Lots of those types in Wichita - they suck the money out of places never putting anything back in then dump/sell their holes to someone else and try to cash out on their unrealistic numbers.
@Shane H. I'm not sure she means to run them that way, I just think she is overwhelmed. She has around 300 properties that her husband purchased (this was his love not hers). Then unfortunately he passed at a young age and she was thrown into this difficult situation.
@Shane H. I'm not sure she means to run them that way, I just think she is overwhelmed. She has around 300 properties that her husband purchased (this was his love not hers). Then unfortunately he passed at a young age and she was thrown into this difficult situation.
Ah I see - I know nothing about the locals yet here. Still learning the lay of the land - do wish the city and county would get their heads out of you know what and invest in some curb appeal and facilitate some development. Topeka has a lot of good qualities - severely lacking in the looks department compared to other places - if taxes were lower I wouldn't have much to say but it's at least 30-40% higher on property taxes and nearly a couple cents higher on sales tax vs lets say Wichita.
I’d need more info before I simply dismissed 1.7% rents to purchase with tenants paying all utilities. Now, I have walked away from a 2% and higher deal in a real crappy area, but just the numbers wouldn’t have me walking away.
$382K a year revenue. Needing a FT gardener and property manager and 1.5 FT handyman live inside that city.
The return is 5X than here in west coast. Our door cost is $550K++ a door here. They are sold often in 10 days even at this steep price in Silicon Valley.