All Forum Posts by: Dustin Street
Dustin Street has started 4 posts and replied 133 times.
Post: so many 3bd/1ba Units
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
It honestly just depends. Half baths can be cheaper than you think. But it's a matter of the layout and what needs done where to get the bath in. For example, sectioning off a corner in an upstairs bedroom for it will probably be less than have to break up the basement floor to install it down there
Post: Is KC the only market where rentals can still beat the 1% rule?
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
Quote from @Bob S.:
Quote from @Dustin Street:
I'm an agent in KC, and I constantly see deals that still meet or exceed the 1% rule. As a result I have a lot of people from other markets reaching out to me to see them. So I'm curious, what kind of deals does your market have?
Heck no, I have been getting 2 or more in the Cleveland markets for years and years, on top of the double, triple or more in value. I just picked up a 3 br all in 60k, value 125k, rent will be 1400, another all in 55k, rent will be 1200, 10 unit all in 350k, rent will be about 90k, with 58k NET, its ALL about knowledge and your team
You sound like you have pretty good values in Cleveland! Are you getting foreclosures and stuff or those are just the kind of deals you guys are seeing right now?
Post: Is KC the only market where rentals can still beat the 1% rule?
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
Quote from @Zac Gronda:
Quote from @Dustin Street:
Since being able to meet that rule of thumb is hard in your area, what do you see investors typically setting their goals at?
the goal is what the market will bear in... In Tennessee it's the wild west due to the fact that our markets have surged outside the parameters of the major city's , for years markets have been soft in the rural areas and now are heating up, can't speak for other markets but that's how we look
We are also seeing our rural towns picking up speed. People are looking for more affordable deals and starting to flock to those areas on the outskirts of the metro.
Post: Is KC the only market where rentals can still beat the 1% rule?
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
Quote from @Karl B.:
In my market (Erie) it's easy to meet the 1% rule. One can meet or exceed the 2% rule if they're willing to buy value-add; these properties are c-class properties but that's what I mostly buy and manage so I'm comfortable with the typical c-class hassles.
So in PA it's also possible, but only in lower class neighborhoods?
Post: Is KC the only market where rentals can still beat the 1% rule?
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
Quote from @Chris Davidson:
@Dustin Street cashflow is only one part of REI. Cashflow won't make you wealthy, but will give you the ability to maintain assets and grow your portfolio. Appreciation and paydown will grow your wealth quicker than $2400 per unit/ year. Even if that grew at 10% you would need a lot of units to live and become wealthy. Secondly if you held something for 5 years and saw 20% increase in asset value 4% YoY on a 300k property you just picked up 60k of Net worth. or 12k/year. Like @Mike Dymski mentioned over the last few years 40% increases in values was doable (with the pull back).
So your investors in your area are mostly looking at long term appreciation, over monthly cashflow?
Post: Is KC the only market where rentals can still beat the 1% rule?
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
Since being able to meet that rule of thumb is hard in your area, what do you see investors typically setting their goals at?
Post: Wine About Wednesdays: Lender Speaker
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
I think we don't have enough meetups in KC! Looking forward to it
Post: Is KC the only market where rentals can still beat the 1% rule?
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
I'm an agent in KC, and I constantly see deals that still meet or exceed the 1% rule. As a result I have a lot of people from other markets reaching out to me to see them. So I'm curious, what kind of deals does your market have?
Post: 1031 Exchange / Multi- Family / 375k to Invest
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
@Jacques Bailey KC is a solid market for multifamily right now! Just sold a 4plex for $115k, just to give you an example of the kinds of deals you can find out here. It did need some work to be rental ready but will easily cashflow 3k a month.
Post: fire damage house for flip
- Real Estate Agent
- Kansas City, MO
- Posts 147
- Votes 40
Of course! You can still feel free to reach out anytime lol. I'm sure the markets are fairly similar