Lawrence KS and the KC area

7 Replies

Greeting's

I'm from the Kansas City area and now live in Lawrence KS and was wondering if there are any good REIA's in the area. I feel like i've picked up a lot of information from bigger pockets. I've made my first deal and bought a duplex at which i currently renting one side out and living in the other until i finish renovating it.

I really want to find some people or more information about investing in this area. i.e. is it worth investing in a condo on the plaza? How do you find good rental properties in tougher markets like Lenexa and OP. Is it even possible to find a deal in Lawrence KS?

deals are everywhere if you market for them. if you don't have time then find a wholesaler who is finding deals. here is one reia group. http://mareinet.com/

look under meetup also for some.

I am wholesaling in Kansas city and I am getting deals all the time from marketing.

Originally posted by @David Scott:

Greeting's

I'm from the Kansas City area and now live in Lawrence KS and was wondering if there are any good REIA's in the area. I feel like i've picked up a lot of information from bigger pockets. I've made my first deal and bought a duplex at which i currently renting one side out and living in the other until i finish renovating it.

I really want to find some people or more information about investing in this area. i.e. is it worth investing in a condo on the plaza? How do you find good rental properties in tougher markets like Lenexa and OP. Is it even possible to find a deal in Lawrence KS?

Welcome David,

KC is a great market.

We bought over 30 properties there last year. Our niche market was East of HWY 71 and South of 50th St until 120th st.

I would consider these areas to be C and B.

Condo's on the plaza are quite expensive and the numbers don't justify them as good investment IMO. Same would go for OP unless you are looking at a flip to home owners.

I don't know much about Lawrence.

Real Estate is a numbers game and the more you stay active via phone, email, meetings, events, etc... you will eventually start to meet interesting people that can assist with you ventures and you will also start to come across many great deals.

Thanks for reading and have a great day.

@David Scott  I invest and work primarily in Johnson county and Plaza areas. Prices are higher and competitive but there are good deals to buy! 

I consider these A areas so there is a trade off with cash flow for higher quality tenants and a higher rent amount. I try to hit at least 1.2 Rent - Value ratio in these areas on the single family homes. Condos are a different animal, with the HOA fees it's Nearly impossible to cash flow. The trade off is very low maintenance and the Rental market is extremely hot in these areas so you can charge high dollar rents.

Check some of the foreclosure sites and you can find yourself some deals!

Cheers,

Ray 

Welcome David!

Depending on the area in Lawrence, many of the properties revolve around student housing, and so timing is especially critical because there's a small delivery window before the new semester starts.

Just to give you rough idea, we just got a 3-br SFH under contract in Lawrence near KU, all-in $106k (comps at $135k) and $1,175 in rent. Or we could flip for $11k profit (not terribly exciting though).

What's your goal? 

We own large apartment deals in KC, Lenexa and Lawrence and have always found the KC metro to be a steady performer. You won't get huge spikes (in either direction), but if you buy right and in good locations, take care of your properties and manage well, you should see good long term returns.

Originally posted by @Ken Siew :
Welcome David!

Depending on the area in Lawrence, many of the properties revolve around student housing, and so timing is especially critical because there's a small delivery window before the new semester starts.

Just to give you rough idea, we just got a 3-br SFH under contract in Lawrence near KU, all-in $106k (comps at $135k) and $1,175 in rent. Or we could flip for $11k profit (not terribly exciting though).

What's your goal?

Ken thanks for your reply and congratulations on your deal. I've seen a few properties like the one you mentioned come up for sale in Lawrence but they are far and few between. An the majority of the ones I've seen in that price point need about 20K worth of renovations to hit the rent that you're getting. But yes absolutely there a some diamonds in the rough here.

I would love to discuss the Lawrence market with you further if your interested in this area.

Yes the all-in price includes the rehab - $20k rehab is pretty standard over there. It ranges from $8k to $30k based on what I've seen.

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