Updated about 10 years ago on . Most recent reply
Rental Property #16 in Kansas City (Belton)
#16 is a Duplex, the second Duplex in the Collection, along with #5. This duplex is located in Belton, MO on a quiet street with mix of duplexes and SFRs.
My price was $79,000 and the units will rent for $750 each with rehab or $650 as-is. The mechanicals and roof are solid but does need cosmetic update which will run about $5k per side. Taxes $1100 annual. The units are large two 'regulation' bedrooms with a third bedroom downstairs with window not large enough to quality for egress. Two living areas and 1.5 baths with large master bedroom including walk-in closet. My other smaller duplex in Grandview is one of my best performing properties and I am inclined to by more multifamily now.
Other Updates: Rehab on #14 and #15 nearing completion they will both be rent-ready in another week or so. Those were cash buys and I'll start the loan paperwork soon to cash-out, hope to recover 90+% of the cash.
#4 with my inherited tenant turned out to be a bad deal for me, had to file for eviction, got a judgement on friday for possession. My attorney found that this person has been sued for UD no less than four other times in Jackson county.
Since I am buying in Missouri, I also decided to set up a set of Missouri LLCs so I can hold a few properties in each LLC, with my Kansas LLC as the owner of all the LLCs.
I have #17 under option contract with a wholesaler, in one of my favorite neighborhoods off Red Bridge Road.