What Is a Good Investment Property In Lawrence Kansas and What Are Good Investment Property Purchasing Strategies?
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Good Investment Property Strategies In Lawrence Kansas to make you money and build wealth are available for FREE. Read on to learn some real estate investment tips.
My wife and I own 7 rental doors plus our own house. We started with $0 in the bank 17 years ago and I can show you how to do the exact same thing for FREE.
There are good and bad ways to select houses for sale that can be used as investment properties in Lawrence KS. NOTE: "Houses" in this blog can refer to any rental type of investment property including commercial properties.
1) Considering more than one unit. When you have a single family rental property and it is vacant, you have no rental income. When you have a duplex, triplex, or 4plex and one unit is vacant, you still have other rental income coming in.
2) Various formulas exist such as the 1% rule, "have to have cash flow" rule, etc. that really are NOT wise to follow. For example, we bought a 4plex with a 5 year payoff rather than 30 years. This 4plex will not cash flow in the first five years but after the loan is paid off it will all be cash flow except for taxes, insurance, repairs, and maintenance. As of the writing of this blog, we have 15 months remaining to pay off the property. NOTE: Taxes, insurance, repairs, and maintenance costs are tax deductible expenses.
3) Selecting a property can be done on a price per sqft basis. The average SOLD price per sqft on the average house is $117 price per sqft. I can set up investment property alerts for you by sending you properties below $100 price per sqft or any other price per sqft maximum you would like. For example, I am showing an essentially tenant move in ready property tomorrow to one of my buyers that is priced at $81 price per sqft. Text/call Rob Lang, At Home Kansas, 785-393-2274 with your search criteria so you can be the FIRST to know when an investment property listing hits the market that matches your search criteria! Just give me the city or cities or area of a city, minimum bedrooms and baths, is garage or basement required, and price range. I will set up a self updating website that shows just your property matches and you can mark them "Favorite", "Possibility", or "Reject" for easier viewing. You will love the advantage this gives you over other buyers for the same property!!
4) The worst way to select houses for sale that can be used as investment properties in the Lawrence area would be to never select one to buy. When I was growing up, my parents said "Buy a house and when you have it paid off, you will have it made." My parents later changed that to buy several houses and you will be even better off. Letting renters buy the extra houses for you is how you can build wealth quickly. You are also helping renters who cannot yet buy a house for themselves.
5) NEVER sell a house (unless you can acquire two or more properties to replace that one). Capital gains taxes will cause you to lose 25% of your profits. You will lose your tax savings when you sell a house. You will lose at least $10,000 in closing costs. You will lose the rental income after the investment property is paid off.
I have a FREE, no obligation investment property seminar that I offer where I show you how to select an investment property, how to screen tenants for FREE (simply telling renters you do tenant screening will eliminate almost all of the tenants with evictions, civil cases, criminal case, jail logs, police incident reports, bad references, etc.), how to find a quality property manager if you can’t or don’t want to manage the property yourself, how to get tax savings on your rental properties but also additional tax savings on your own personal home, and much more.
You might ask why are you doing this for FREE and no obligation? I just enjoy helping people. It is that simple. Some will choose to buy their investment property through me and some will not but either way, people who are looking to build wealth through investment properties should be set up to succeed rather than set up to fail.
Be sure to ask Rob Lang about bifurcation for even greater tax savings. Text/call Rob Lang, At Home Kansas, 785-393-2274 to learn What is a Good Investment Property In Lawrence Kansas.
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