I am interested in BiggerPockets. I have listened to a couple podcasts and webinars. I am really interested in investing in Salina, KS 67401 and Manhattan, KS 66502 markets. I have evaluated a lot of homes for personal use and now investing, open houses, and run numbers based on what I see in the MLS. Here is my analysis of how this market works, can you give me any feedback on my analysis.
1. Salina 67401- several larger employers, stay out of high cost housing and keep buying in south and east part of town with maybe 70k-150k price. Max I see even with full basement and two stall garage is $1400/mo. flipping is hard if possible as anything kind of worth it's cost is snapped up fast even though it needs a ton of work/money. one can find deals in the west or NW part of town but this area scares me off as I don't want to chase down rent checks.
2. Manhattan 66502- really looking good for areas around KSU but have to deal with students. If near new bio-warfare site, could potentially cater to higher end income scientists or professors. To deal with students be careful of damage. Stay close to stadium and campus if possible. Costs are higher than Salina and keeping tenants in the summer could be a challenge. ROI might be harder or could be similar to Salina 67401.
thoughts? thanks! Scott.
Hi Scott! I am currently investing in Manhattan and things are going fine. You don't have to worry as much about the summer trying to keep tenants in because they typically all sign a 1 year lease with the property. All of mine do at least and I rent to mostly college students. How is the Salina market? I haven't ventured too far west, but I hear its growing!
Thanks for the reach out. I sincerely appreciate the note as no one has written me but you yet. Since I wrote this, I jumped in and bought a single family home and a duplex that came complete with long term tenants. The other one signed a year lease as you said. It is going well so far. Most stress was those first few times rent came and wondering if they would pay along with a few calls on fix its, lawn, etc. All doable. Biggest issue here is the rate at which prices are going up are not in line with salaries/rents. from what we have been told, it is others like us trying to enter the game. Wouldn't mind multifamily complex but those appear to be much about networking and don't hit the market. Not sure how it compares with Manhattan but if you like that area and prices to rent make sense, I would keep over there. I haven't really followed this post up with research over there but did a couple road trips to drive around. Seems like w/ the college and teh new lab, one should be ok if you can find something cheap/reasonable. Keep in touch and thanks again!
Sounds like you are already well on your way! That’s awesome, congrats! Yes prices are going too high too fast here and in my opinion, that bubble is going to pop. You can already see some of these 250k houses selling for far less or becoming stale listings. Some people just get greedy i guess. This is not the west coast and houses are not going to sky rocket in appreciation... Let’s be real. Slow and steady here with cash flow as the name of the game :) feel free to pm me if you wanna chat ever. This thing doesn’t notify me when people reply to comments on here so I’m sorry for the late reply.
We invested in the Wyoming, Montana market were we live and did quite well until we jumped in to a business deal with a new bank and got our butt kicked. We had to sell all and are thinking about moving to and investing in the Manhatten, KS. Any thoughts on that market? It seems to be a reasonably priced market, unlike Sheridan, WY prices.
I am wondering after three years how things are going.