Investment opportunities in Salina

7 Replies

It seems most activity on the site for Kansas stems from around Wichita and Kansas City, with little discussion of Salina. I live in Salina and am curious if there is much outside interest in real estate here?

Wholesaling is what initially brought me here, since I'm pretty new to all things real estate, working with more seasoned investors in the area would be incredibly helpful. If there is anyone that would be interested in the Salina market, I would love to hear from you.

@Taylor Frank  Salina? Do people wear shoes up there? I’m surprised there are computers and electronics for you folks to communicate. 

Sorry, had to take a jab or two. Only because some family of mine has been in the area for some time, they do have a couple rentals. I don’t know much about Salina, nice area, good schools, great community, rural and city all in one it appears at a distance, the best of both worlds. Any idea what the demographics are looking like up there? Growing? Steady? Slight decline? Are there any larger businesses coming in or expanding? I’d want to know all of that before investing. McPherson and Hutch are a hop skip and a jump, sometimes you got to drive to survive. Of all three of those, I have seen some Salina chatter over the past couple years, I’m sure there are plenty of investors out there. I’d certainly Google search local meetups in all three towns and catch a couple if you can, those folks would know the lay of the land for sure. Best of luck.

I did a quick Google search and didn’t see meetups jump out at me. I saw a string from a Salina guy on BP that looked like he is doing some stuff, the string was from a year ago. He might have some insight and be easily relatable. Scott Jensen is his name. You should be able to find his BP profile as it pulls on google when you type in Salina, KS real estate...

Hey Taylor,

My partner and I are looking for multifamily properties across Kansas. We would look at anything you run across in Salina. It must be at least 5 units but preferably 50 to 100 units. 

Thanks,

Eric Neely

febroscapital.com

@Jonathan R. There seems to be a good amount of growth in Salina as of recently, with it posed to see a lot more. Last year, the city approved a redevelopment plan for downtown Salina over a 28 block area projected to cost $150 million. The city is also doing what they can to bring in new businesses with forgivable loans, grants, and tax incentives. For the first time in roughly 40 years (having just learned this, I'm a little amazed of the time frame), we had a new hotel open up in 2017 when the Hilton Garden Inn finished building. There is already another brand new hotel near completion downtown. Several franchise restaurants and entertainment avenues have opened, are currently under construction, or planning to break ground as well. 

1 Vision Aviation has also recently announced coming to town, opening up 50 new jobs initially with another 400 over the next three years. While on the topic of aviation, the unmanned aircraft systems program at the K-State Salina campus has also been bringing a lot of attention, growing pretty substantially in its own right over the past several years.

And on top of all that, we somehow still manage to have plenty of shoe and electronic stores to keep everyone well clothed and in communication.

@Taylor Frank I live just down the road in Lindsborg. My partner and I are looking for investing opportunities in Lindsborg and McPherson mainly, due to both our jobs being in Mac and him living there as well, but we have been checking in to Salina and Hutch as well. Property values seem to be a bit less in Salina/Hutch than LB/Mac, but with everything going on (as you have already mentioned) I could see property values jumping up around the downtown/Kansas Wesleyan area. The population has stagnated for a LONG time, sitting around 50k for 40+ years. That northern part of Salina is generally regarded as the "not as nice" part of town, but I could see that picking up too as the downtown rehab moves north up Santa Fe. 

My problem (as with most newbies) is available cash on hand to make a deal happen. We are currently rehabbing my primary residence with the goal to pull out $20k from a cash out refi to put into our first rental. Goal is to close by Jan 1 2020. Always interested in talking real estate; we haven't been able to find any meetups either. Like you said very little chatter from places other than KC/Wichita. Maybe this will be the start of something. I'll send you a connect request.

I think Salina is also becoming a regional medical hub in North Central and Central Kansas. Salina has a medical degree campus in town, operated by the University of Kansas, training physicians specifically to become doctors for the rural population. The campus opened in 2011, I think. Here is an article from the NY Times about it: https://www.nytimes.com/2011/0...

Lots and lots of medical jobs posted when I did a quick search.

Here is a not-entirely-objective article highlighting more recent medical accomplishments associated with Salina: https://www.practicelink.com/f...

Seems like lots of potential to be getting in on the ground floor here. A little hard to tell with all the recent talk of impending recession and Salina's ascent being of the slow and steady variety, but what's real estate without a little risk, right? :-) On the other hand, I'm a bona fide newbie, so what do I know?! lol!