Investor · Minnesota & Kansas · Member since 2020 · 176 posts · 75 votes
Hey Guys,
Looking to invest in Wichita, KS. But according to census that town has been declining in population last couple of years. Also I believe job growth hasn't been at the rate of KC & OKC. But I heard Amazon is building a warehouse in ICT. I understand it is a good cash flow market but hopefully someone who is actively in that market who can shed some light. Also please let me know if I can help out in any way and I will jump in. My expertise is in deal analysis, Buy & Hold strategy & personal finance. Thanks in advance guys!
Hey @Toby Khan I'm actively buying in Wichita and the surrounding areas. With the instability of the current economic situation I see a lot of opportunity. There are actually two Amazon facilities going in. A fulfillment center and a distribution center, both will be a boon for the market.
Hello All, just wanted to say hi and welcome to any new folks. We too are investing in Wichita but remotely. If anyone needs to partner on a deal for whatever reason (logistical, financial, etc) shoot me a message. We have a team there that makes us quite efficient. Blue skies always!
I'm fairly new to investing, but we are in the Wichita, KS market! We live in Andover but have one single family home in Park City, 2 in Newton. Trying to decide what is next as we scale. I would love to connect with the locals!
@Jill Smith thanks for sharing. I’d say if you can find duplex, triplex or quadplex then you’ll scale at a faster rate. Initially I started with a single family and scaled to multi family. Please let me know if I can help you with anything.
I am starting in Wichita as well. What would you say would be the best banks in the area for getting longer term loans are. Most I have talked to are 10 years at best and with many properties, they will simply not cash flow at that price.
@Steven Bowdich-Called around few banks in Wichita & found out 5 year term is normal in that market for commercial loans. Ultimately it will depend on the property (banks perform stress test-debt ratio)-but I think 5 year term is what I found so far. However in OKC area banks are more into 10 year term (majority I spoke to ) but property will have to be in Oklahoma.
By the way-Thanks to all the investors in Wichita!!! I truly appreciate your advice/suggestions & honesty regarding the area. I am on track to close 8 units (portfolio of duplexes) this month.
@Stephanie Brinkley-I like to personally thank you for scouting the neighborhood.
I will be investing more in Wichita-I love that town & made some life long friends there. Once again thank you! Please let me know if I can help in any way & I will jump in.
@Toby Khan If 5 is normal then I thin I already have a good option with potential for getting 10 years. How in the world do you cash flow with that short of a term though. At that point It would be easier to just pay cash.
@Steven Bowdich as long as you run your numbers it should work and if cash on cash in low then move into next deal. Usually on commercial loans it’s 20%-25% down payment(relationship with local bank) rate between 4-4.75 (depending on your credit & debt), 20-25 year amortization (in small multi family it’s 20 & large multifamily it’s 25) and 5 year term (some banks do as long as 20 in Oklahoma). Keep in mind after 5 years rate gets adjusted to market rate at that time. If your numbers are still good with these variables then pull the trigger.
Has anyone used this site for crime and vacancy statistics. Looking at Wichita, It seems like many neighborhoods have extremely high vacancy with 20%+ in many. Is this accurate?
Has anyone used this site for crime and vacancy statistics. Looking at Wichita, It seems like many neighborhoods have extremely high vacancy with 20%+ in many. Is this accurate?
It’s not accurate. Very high demand for real estate throughout the city. Not many signs for rent in yards.
I live in derby and new to the real estate game. Honestly trying to get my hands dirty with wholesaling or even working with a mentor. I recently bought my house a year ago and don't have any equity to pull from yet. Any ideas, comments or anyone that wants to connect i am open for anything. I have done a lot of research in wholesaling and actually found a few properties that look run down off the market properties. Just now trying to get things in place to make contact with owner.
@Robert Daniels I am brand new to this as well but I do have a background in business and taxation and know the basics on the financial side. I used to live in Derby a few years ago but move to east Wichita. I am seeing a lot of decent opportunities right now but I have been working on getting my LLCs bank account and funding from my other members before I make an offer. I am always willing to link up with other new investors.
Guys Let me know if I can help in any way and I will jump in. I have been LP (Limited Partner) since 2013-2015. But actively involved in from 2016-Present.
Hello My fellow Wichita investors. I wanted to float out the idea since I heard it on an older podcast. Would any one like to team up and create a google drive for appraisals? I've bought two SFR in the last 2 months.
I figure this would be really helpful for anyone in our business. Then when we are looking at purchases, flips, brrrrr, we'd be able to really dial in on comps.
Let me know your thoughts, and if anyone wants to engage and do this.
@Steven Bowdich O awesome! We love Derby my wife and I are pleased with our neighborhood. I have seen the same as i drive to Hesston daily and see the opportunities around us everyday let alone in derby. I also am working on getting my LLC registered and begin that process as well. This will be my first LLC along with business that i have started/owned. I'm always interested to link up to discuss business and learn off others.
@Toby Khan Absolutely I'll be sure to keep you in mind. Maybe we can talk more about the LP world and get some knowledge of that part of business. I'm always looking to try and grow business and spread the growth among anyone that wants to be involved and build a team to grow successful together.
@Brett Danehey I totally would be as it would help me learn and be involved even more. How could be go about doing this and any help i could possibly be, I am on board with whatever is needed.
@Sean Fillmore@Robert Daniels. I'm playing around with a google doc to try to make it a public/or invite that we can post to. I think we could break it down to central Wichita, SW, NW, SE, NE. And using the 135 and 400 as the dividing lines. This will be a little bit easier than trying to neighborhood by neighborhood. If anyone on here is good with google docs, I could use some tips.
@Brett Danehey, this is a great idea, and I think your categorization by NW/SW/NE/SE is good. Maybe also include City and Zip Code as columns in the sheet. A property in Haysville for example would be SW, but could also be filtered on "Haysville" specifically. I would recommend keeping all of the data in one sheet and using filters to narrow down. We might be able to plot on google maps once we have some data.
Address | Area | City | Zip Code | Beds | Baths | SQFT | Appraisal Date | Appraised Value | Link to Appraisal
Here's a rough copy of the excel. I'm now going to create some folders for us to drop the actual pdf of the appraisals in. Let me know if the link works. I made it public to everyone.