Kansas City, MO Real Estate News

By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
One of my Kansas City real estate investors owns an investment property that is turning on him.  And not turning for the good.  So this is a lesson post.  A "what to watch out for" post, if you will.This investor bought a home that needed quite a bit of rehab.  Since there wasn't quite enough margin to rehab and sell he decided to rehab and rent-option the property.  There had been a water leak in the house so they redid the drywall, fixed the roof and the guttering and installed a sump pump in the crawl space.Now he's getting a reappearance of mold on the living room walls.  (Not as bad as the photograph...yet!!!)  That stinks.What to do now?  Well he really cannot let the mold continue to grow unabated.  And to bring in a professional mold remediation team is going to cost big bucks. ...
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By Fran White, Kansas City North Real Estate, 816-682-3897
(North Kansas City Real Estate, Reece and Nichols Residential)
Kansas City's Irish Festival will take place once again this year at Crown Center on August 31st thru September 2nd.It's a grand ole' time with everything Irish:  music, food, dancing, clothing, jewelry, decor.From the size of the crowd you'd think everyone who's Irish in Kansas City attends!  This year plans to be bigger and better.Here's what they are saying about it on their website:New for Irish Fest '07: Expanded festival groundsKansas City Irish Fest will expand out of Crown Center's Festival Plaza into the streets of Grand Ave. This new space makes room for another main stage, the Boulevard stage, to accommodate the festival's remarkable list of internationally and locally-known performers.Celebrate the Fest's fifth with $5 off admission Kansas City Irish Fest is offering a speci...
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
So I'm out pre-viewing properties yesterday afternoon in the Waldo neighborhood of Kansas City. A property I was most particularly interested in was a 2 bedroom, 1 bath and 1 car detached garage being offered at just under $60,000. That's way under market and I wanted to know why.When I get there the owners are home and are gracious and show me around. While it's not much to some people's standards they seemed very proud of their home. Nice, quiet folks. I mean them absolutely no disrespect.After viewing the inside of the home I said I'd like to walk around the outside. The husband volunteers to unlock the garage for me. While waiting for him to unlock the garage I notice the open crawl space door with what looks like tons of trash in it.Now for those of you unfamiliar with a crawl spac...
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
 See, I can tell who watches the national news and/or cable news networks. They are constantly asking me about the real estate bubble bursting and how bad is the market? Here I have actual proof of the Great Kansas City Housing Bubble Burst of 2007. From today's Kansas City Star they report that sales are down on data reported for April - June compared with last year...Check out these numbers if you want further proof!!!! Florida - down 41.3% Nevada - down 37.5% Arizona - down 23.4% Maryland - down 21.1% California - down 19.8% Kansas City area - down 0.7% I don't know about you but I was staggered by our numbers. I've been wrong. We are in a huge crisis here in the Kansas City area. Sell. Sell NOW! Slash prices by 15%-20%. But just get out! Live on the streets if you have to. But don't...
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By Lucent Lending
(Lucent Lending)
Customer Service for Hard Money Loan Programs You're going to be or already are busy looking for investment opportunities and juggling the logistics of renovating your properties. That's why we strive to provide the highest level of customer service in the industry. Our regional loan officers go to great lengths to give personalized service to our customers and assist them in more than just the lending of money. You will have someone in your area to answer questions, guide you along in the process, and make sure your investment experience is rewarding. By employing our own licensed General Contractors, we are able to streamline the escrow draw process so you can manage your cash flow better! Ty Simmons, Senior Loan Officer, (913) 999-6006Kansas City Market
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
 We all learned from a young age the importance of sharing. But now I want to talk to you about sharing in a matter than can be profitable to you and me. I'm talking about Equity Sharing for Kansas City real estate investing purposes.This blog is blessed with readers from around the country. The readers are usually very interested in real estate investing in particular and have a passing curiosity or serious interest in Kansas City. And I'm fully aware that the reason some readers have never pulled the trigger on a Kansas City investment property is because they are wary of the "hassle" owning an investment property a number of miles from their home.In short, they don't yet trust their ability to find the right property or the right property manager and they don't want to have to come i...
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I was reading Bryant Tutas blog http://../../blogsview/165445/American-Home-Mortgage-what so there has been quite a bit of discussion on what happened to AHM and I haven't seen a description here of what actually happened.  So I thought I would try. This is pretty much how Barry Habib described it in his MMG minutes on Friday.Investor means Wall Street, Lender is the funding source (my relationship with AHM was a wholesale lender so they were funding my loans and paying me the originator).The way a mortgage lender gets paid is like this.  To keep this easy lets assume we have a client that needs a $100,000 loan.  If we deliver it at a rate of 6.75% the investor (remember wall street) will pay $101,000 for that loan at that rate.  So what that says is that 6.75% is a little better return...
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
Rental property in the Kansas City area can come in all shapes and sizes.  The great thing about this market is that rental properties can be;- Apartments.- Fourplexes.- Triplexes.- Duplexes.- Single Family Homes.Now, if you are reading this and you are a California based real estate investor (or Maryland or New Jersey or Washington for that matter) you probably had to read "Singe Family Homes" twice.Yes.  You can afford to own a single family home in the Kansas City area as an income producing property.  The sweet spot for SFH rental property is between $140,000 and $225,000.  At least for Johnson County, Kansas.  Within that price range you can expect rents to run .65% to .7% of the true market value.  Duplexes should run in the .75% to .81% of true market value.  Within the borders o...
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By Ty Simmons Kansas City Investment Property
(Kansas City Investment Property)
What you are asking about is a For Sale By Owner sale - there are good and bad sides of doing this. Let's take a look at these points:When selling with no agent:* no agent commissions means more money for you. If a buyer comes with an agent, you will still usually fork up the 3% for his or her commission, even if you are doing all the legwork w/ the lawyers for documentation etc.* You have to make sure you get all the right docs and paperwork for the deal, get a lawyer, which costs some money. If you miss out on something, you can be liable to being sued - or worse, lose your property. Do you even have an idea of what a good attorney charges?* You have to take and field all calls, make appointments, show the property yourself and look at offers * You need to setup the appointments and f...
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By Robert Mayo, CAI, AARE, AMM, GPPA
(Mayo Auction & Realty - Your Kansas City Auctioneer)
REAL ESTATE AUCTION.Saturday August 18th - 10:00am.Property Previews: Sunday Aug. 12th 12 - 1:30pm Wednesday Aug. 15th From 6:00 - 7:30pm 3805 E. 98th Terrace; Kansas City, MO 64137.Click Here For More InfoThis spacious brick home is conveniently located on a large treed lot that backs up to a peaceful and quiet pasture like setting. Enjoy daily visits from a variety of wildlife including deer. This 3 bedroom true ranch boasts large rooms, nice brick patio deck, full basement and much more. This home is ready for an easy interior update. Buy to live in or as an investment, but don't miss the opportunity to own this fabulous home at YOUR price!816-361-2600913-390-9393Mayo Auction & Realty, LLCwww.AuctionByMayo.comYour Premiere Kansas City Real Estate Auction Company
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By Ben Edsall
(Turn-Key Properties LLC, Missouri and Kansas Real Estate)
Once again the monster of landlord licensing raises it ugly head in KC. As a Realtor who works entirely in the investment property sector of our economy I have an in-depth knowledge of this beast. While I do not own or invest in investment property I mange hundreds of rental units, throughout the KC metro area, I also assist investors with purchasing and selling investment property.Kansas City has been toying with this notion for over twenty years. The last attempt by Kay Barnes was put to a vote and soundly defeated. A provision called the Hancock Amendment is one of our greatest allies in this battle. In short any tax increase must be approved by a vote of the people. Landlord licensing is a tax increase!Secondly we have the fourth amendment to the Constitution of the US on our side. ...
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
There simply is no place more beautiful or romantic than Kansas City's Country Club Plaza at Christmas.  I've had the good fortune of seeing New York's Rockefeller Center and Washington's National Tree lighting ceremony.But Kansas City's one great contribution to Christmas is The Plaza.  Photos just cannot capture the majesty of the place.  And it's not bad the rest of the year, too.Last evening my wife & I along with our best friends decided we needed an upscale night on the town.  There are plenty of entertainment and dining options in Johnson County, Kansas.  But for romance and a truly world-class experience there is really only one place to go. History & Flavor The Country Club Plaza was first designed in 1922 to be the country's first suburban shopping district.  From the linked w...
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By DAN REEDY, Over 2000 Deals Closed Since 2005!
(MoreKc1)
WHERE CAN YOU BUY A POSITIVE CASH FLOWING RENTAL PROPERTY WITH 10-20% EQUITY? KANSAS CITY MISSOURI!   Not only does it have great BBQ, blues, major league sports, museums, NASCAR, and the most fountains than any other city in the U.S., it is an untapped real estate investment market! The time has never been better to jump into the Real Estate Investment waters than now. Due to a heavy inventory of single family homes currently on the market and the overwhelming number of foreclosures available now and more coming every day, Kansas City is fast becoming a GOLDMINE area to buy and hold properties. Where else in the country can you buy a turnkey rental property under $100,000 at 70-80% of market value,  and have a positive cash flow of $300-$400 per month? Sounds too good to be true? Its n...
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
I began my real estate career in late May of 2002 with no clue that I would be working primarily with real estate investors before too long.  Like so many inexperienced real estate agents I grabbed a sign and held an open house that first weekend.  The listing belonged to my broker.  The house belonged to a guy named Phil.  I didn't get the house sold that day.  (But I did get it sold about 7 months later.)  And like so many newer agents I didn't have any listings of my own and no buyers to speak of.  My broker, Randy Lindemuth, made me an offer I could not refuse.  "I have this townhouse out in Broken Arrow that I'm not getting much traffic on.  If you want to work under my name, do all the work and advertising and showings and negotiations I'll give you half of my listing fee when  yo...
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By Robert Mayo, CAI, AARE, AMM, GPPA
(Mayo Auction & Realty - Your Kansas City Auctioneer)
Every year we look forward to taking a trip somewhere different and spending time learning, relaxing, making new friends and visiting with old friends. The event each year that allows us to do this is The National Auctioneers Association annual Conference & Show. This year the National Auctioneers Association is holding their annual conference and show in beautiful San Diego California.We are looking forward to spending time in classes that will cover a variety of topics related to the auction industry. Some of the classes that I enjoy the most include selling real estate at auction, benefit and fundraising auctions, technology and specialty auctions. Every year I learn something new that allows me to better serve my clients, and their needs.We are also looking forward to spending time ...
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
Real Estate Investing Lessons As many of my more loyal readers know I am a private pilot, though I'm not presently current. And the comparisons between real estate investing and my period of learning to fly are oddly similar. Not in function but in training and application.Each day I wake up, check my emails and go to work. And each day I work with clients who; understand that I have their best interests in mind. aren't sure that I have their best interests in mind. assume I do not have their best interests in mind.  The last two can, frankly, be difficult to work with. Not personality wise but because they never really buy in to the fact that the more money I can help them make the more money I make. It's really that simple. Real estate agents can sell a house, make a few dollars and m...
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By Robert Mayo, CAI, AARE, AMM, GPPA
(Mayo Auction & Realty - Your Kansas City Auctioneer)
 In addition to conducting real estate auctions in Kansas City, we also conduct many fun and exciting specialty auctions from our facility in the heart of Kansas City located at 8253 Wornall Road. The following auction is a good opportunity for both new and experienced coin collectors. Bring the kids and join us for a fun filled auction that will be entertaining and educational.Spectacular Coin Auction.Saturday, July 28th - 10:00 AMGold Coins: California, PCGS Graded PR-69 American Eagle $5 & $25, Liberty $5Silver Rounds: 260 Tri-State Refining .999 Fine Silver 1 Troy Ounce Silver Rounds, 60 South Dakota .999 Silver 1 Troy Ounce Silver Rounds, Many Silver Commemorative Coins from the US and UKMorgan Dollars: 21 Morgans including 2 Carson CityPeace Dollars: 9 Peace including a 1925 MS-65...
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By Robert Mayo, CAI, AARE, AMM, GPPA
(Mayo Auction & Realty - Your Kansas City Auctioneer)
My participation here on active rain has diminished since last week, and for a very good reason.On June 27th at 1:04pm my Wife Aileen gave birth to our first child, Lincoln Robert Mayo. He was 9 pounds and is already ruling the Mayo household.I wanted to share this news and a photo of the new guy with everyone.
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
 Kansas City"Kansas City" is a signature song for this town.  Take a moment and read through the lyrics.  And then help me answer the questions the song raises at the bottom of the page.Artist: Wilbert Harrison Lyrics I'm going to Kansas City, Kansas City here I comeI'm going to Kansas City, Kansas City here I comeThey got a crazy way of loving thereAnd I'm gonna get me some.I'll be standing on the cornerOn the corner of Twelfth Street and VineI'm gonna be standing on the cornerOn the corner of Twelfth Street and VineWith my Kansas City babyAnd a bottle of Kansas City wine.Well I might take a trainI might take a plane, but if I have to walkI'm gonna get there just the sameI'm going to Kansas City, Kansas City here I comeThey got a crazy way of loving thereAnd I'm gonna get me some.I'm g...
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By Chris Lengquist, Kansas City Real Estate Investing
(Ad Astra Realty)
This is what Kansas City real estate investors do NOT need.I received this email from KCRAR. That's Kansas City Regional Association of REALTORS. I am in full agreement that we do not want, nor do we need rental licensing in Kansas City, MO for investment property owners and/or their rental properties.Now, I'm not for slum lords, either. So as you read this be sure to understand that most of my clients keep clean and relatively updated units in operation and available to their tenants. There are already measures that could be put in force to make sure tenant living quarters are safe and clean. Use those. And before KCMO decides to go after the landlords, why don't they first go after themselves. I've never seen a more disorganized and incompetent housing authority in all my life as the ...
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