All Forum Posts by: John Buckley

Sean:

What are the comps on the property?  I'm looking for properties at 90% of comp values and rent at 1% per month of gross purchase price?  I am a cash buyer and focus on location and strong schools. 

Thanks,

John

David:

What school district is this property in?  Do you have any multi=family properties?

Thanks

John 

Age 54, looking to retire in the next 12 months.  I have two single family rentals paid for and have been looking for a multi-family property in Kansas City for months.  The cap rate on A/B class properties is around 5-6 today.  Is the market just too hot?  I don't know how to make the cash flow work at these levels and to top it off the market appreciation from these levels seems very limited.  Do I need to find an off market deal?  I'm looking to acquire 100 units over the next 12 months and have the cash to fund this plan.  Any thoughts or feedback would be appreciated.

Thanks

John

The markets seems to be a little over priced today and you won't realize much appreciation, although cash flow should still be okay.  Cash on cash return for all cash deal is about 7-8% today.  I haven't bought anything in a year due to prices.  Waiting with cash on the sidelines to buy at the next downturn.  

John 

I have been actively looking for SFH ($100-$160) in the north area of Kansas City for over a year with no luck (3bd, 2ba). By the way, I live in this market and know it quite well. The market is too hot and the inventory levels are too low right now. There are too many out of state buyers that no nothing about this market and think home values are attractive based on valuations in other markets. If you buy solid properties in good school districts around the median price today you can expect to take a haircut on the next market turn down. I have one property that I bought at the peak in the market many years ago that has experienced little to no appreciate over 10 years with rents still below the 1% metric.

Good luck  to all.     

Matt:

In the scenario you describe he would net $10,300 at closing (back in his pocket) and have $28,200 in equity.

Has anyone purchased a property using auction.com?  If so, what are the pitfalls?  Did you conduct a title search prior to bidding?  How difficult and expensive was it to evict the occupants?  Does the prior owner have any recourse to reclaim the home?  How did you value the property based on not being able to conduct an inspection?  The foreclosure market in Kansas CIty is too hot right now to find any deals and the only opportunities i have identified is through auctions.  I have a full time job and don't have time to market for properties.  Any ideas or thoughts would be very much appreciated.  By the way I'm looking for properties to rent for the long-term.

Thanks

John

Has anyone had experience buying a portfolio of homes through this site.  I'm looking at a 19 single family home purchase through this site.  Any feedback or thoughts would be appreciated.

Thanks

John