My town made the national news

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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
7y

My town is the opposite. We had war zones that now contain 300k plus rehabbed houses and rental prices are crazy high. The millennials want to be downtown and are paying top dollar to do so. I have no mortgages on my Long term rentals and am getting ridiculous rents for them. I am going to rehab one of my downtown properties and sell it since houses are going for $230 to $260k per sq foot.

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  • Julie McCoy
    Real Estate Agent · Sevierville, TN · Member since 2015 · 1k+ posts · 1k+ votes
    7y

    Congratulations, I think?  LOL  (my housekeepers in the Smokies live in the second-lowest city, Newport, TN)

    This is interesting information, though... I mean, seems like those low-payment towns might be really cool opportunities for one-off BRRRRs or a small run of them... though since it wouldn't be very scalable in a small town may not be worth the effort... interesting thoughts.  What's it like in Coffeyville, Paul - are there decent people who rent despite the low cost of home ownership, or are most of the people renting the type you wouldn't want as long-term tenants?

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  • Paul Sandhu
    OP
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    7y

    @Julie McCoy The decent people in this town would own their own home, not rent.  Renters that are residents of my town tend to be on welfare or drugs, and have a low or unstable income.  The best and highest paying jobs in this town top out around $18-$20 an hour.  Most people make around $12-$14.  

    My STR tenants make $28-$36 with 50-72 hours a week. For those of you who don't know, I rent my STRs to refinery contractors. Welders, pipefitters, boilermakers and other such jobs where the prerequisite seems to be neck tattoos and a big 4 wheel drive truck.

    0Reply
  • Julie McCoy
    Real Estate Agent · Sevierville, TN · Member since 2015 · 1k+ posts · 1k+ votes
    7y

    @Paul Sandhu I figured that was probably the case.  Oh well.  :)  

    0Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    7y

    My town is the opposite. We had war zones that now contain 300k plus rehabbed houses and rental prices are crazy high. The millennials want to be downtown and are paying top dollar to do so. I have no mortgages on my Long term rentals and am getting ridiculous rents for them. I am going to rehab one of my downtown properties and sell it since houses are going for $230 to $260k per sq foot.

    3Reply
  • Henry Ho
    Member since 2019 · 3 posts · 1 vote
    7y

    I live in CA and just join the bigger pocket. I save some money and want to invest in real estate. Any suggestions?

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @John Underwood:

    My town is the opposite. We had war zones that now contain 300k plus rehabbed houses and rental prices are crazy high. The millennials want to be downtown and are paying top dollar to do so. I have no mortgages on my Long term rentals and am getting ridiculous rents for them. I am going to rehab one of my downtown properties and sell it since houses are going for $230 to $260k per sq foot.

     this is were the big money is made getting ahead of regentrification.. the first new construction I built in Charleston's North side / wrong side of the tracks  was the first one built in that area in 20 years.. I sold it for 340k.. since then a 100 plus new homes have been built and they are now 550k.. and up.. millennials are moving the markets they want to walk to down town .. 

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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    7y

    House prices really run the gamut there in Coffeeville! 17k to over 500k! 

    Is there a shortage of housing for the refinery workers? Seems like a good business man!

    Better Call Paul!

    0Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    7y
    Originally posted by @Paul Sandhu:

    It has the lowest average mortgage payment in the country, $205.  I've been tooting that I live in the worst town in Kansas, this is sort of an example.  What are mortgage payments in your market?

    The cities with the highest lowest mortgage payments

     My mom’s side of the family mostly lives in Junction City KS. I’m sure you know it, right next to Fort Riley Army base. My parents had a rental there that they leased to soldiers. I think thier mortgage was around $300....Meanwhile in my neighborhood a 1200 square foot 3 bedroom would have a payment of around $4,000 a month. After 20% down of course. I’d call my neighborhood a B- class. Talk about 2 different worlds. 

    1Reply
  • Paul Sandhu
    OP
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    7y

    @Michael Baum

    The last 4 houses we bought were all 3BR 1BA with central heat and air.  They were $9500 each.  There isn't really a shortage of places to stay for refinery workers.  There are 3 nice, modern hotels in this town.  By nice, I mean they have a pool, gym and free breakfast.  Probably 250 rooms total.  Those rooms go for $600/week.  I charge $400/week for 2 bedroom houses.

    "Better Call Paul" - That's printed on all my promotional items (calendars, pens) and on all my advertising.

    5Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    7y

    Cool Beans! I saw your ad on one of the traveling workers housing sites. The 400/week that is 200 per week per head right? With housing prices being so low, you are fully amortized in less than a year per home! Amazing man!

    0Reply
  • Paul Sandhu
    OP
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    7y
    Originally posted by @Michael Baum:

    Cool Beans! I saw your ad on one of the traveling workers housing sites. The 400/week that is 200 per week per head right? With housing prices being so low, you are fully amortized in less than a year per home! Amazing man!

    You're spot on.  $200 per week per head.  It takes less than a year for a house to pay for itself.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Paul Sandhu:
    Originally posted by @Michael Baum:

    Cool Beans! I saw your ad on one of the traveling workers housing sites. The 400/week that is 200 per week per head right? With housing prices being so low, you are fully amortized in less than a year per home! Amazing man!

    You're spot on.  $200 per week per head.  It takes less than a year for a house to pay for itself.

    Paul you may want to keep some of this close to the vest.. given the mobile nature of BP investors next thing you know you will have everyone and their brother in your market.. LOL.. but your way ahead of them.. I guess it just depends if your still in buy mode. 

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  • Lee Bell
    Real Estate Appraiser · Isabella lake, CA · Member since 2018 · 628 posts · 491 votes
    7y

    The worst town to live in, Kansas

    Lucky for you google maps does not know where this is, LOL.

    House payments are in a different universe here.

    My car payment is more than that and is is a Kia Soul!

    (Not an expensive car).

    0Reply
  • Paul Sandhu
    OP
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    7y

    @Lee Bell You might be spelling my town name wrong.  Coffeyville

    0Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    7y

    Where I live for a basic starter home and a 25 year mortgage and 20% down, about $1200 a month compare this to where my most of my rentals are $2100 a month.  Prices went up after I bought them.

    0Reply
  • Ken Latchers
    Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
    7y

    Paul has his model, but I don't do one factory town things. Military base, hospital, factory, refinery, power plant construction... ANYTHING can shut down for all sorts of reasons. Seen multiple times here in PA.

    I live in a small tourist town that has some low cost houses and other things going on. The longterm rental market ok too. 

    0Reply
  • Benjamin Vail
    Real Estate Broker · Columbus, OH · Member since 2016 · 181 posts · 244 votes
    7y

    I don't know Paul, lowest payment may not mean "worst town Kansas", it could mean "great town for investors"! 

    0Reply
  • Paul Sandhu
    OP
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    7y

    @Benjamin Vail You made me think.  Here's my new saying.  "This is a great town to invest in, but you wouldn't want to live here."

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