Here is one for ya:

http://www.zillow.com/homedetails/4129-Forest-Ave-Kansas-City-MO-64110/2340572_zpid/

Went and looked at this one last week.  Had a new roof on it, probably needs about 1,000 in plumbing, new furnace 1,000 (small house) and maybe another 1,000 for cosmetics.  Bank of America will take 3,000 and it will cover closing and the real estate agents fees.   I don't get to crazy with cosmetics cause tenants are hard on houses in these areas.  So I'm in it for about 6,000 and it will be tenant ready in about a month.  Property taxes are around 300 and insurance is 200, that's the average compared to my other rentals.

So lets say u rent it for 8 to 10 months at 550.00, cause i see 8 to 10 months mentioned a lot for low income areas.  On average it's about 10 months for me and that's with me doing the property management.  It seems the biggest problem is the property management most of the time not screening good enough and trying to nickle and dime you for repairs.  A lot of horror stories i hear sound like they could have been avoided if they would have put more time in getting quality tenants.  I haven't had an experience yet were the tenant trashed the house and left thousands of dollars in damage, most of the time there deposit covers there wear and tear.  You just HAVE TO SCREEN them good and not take the first goon off the street.

These types of houses are a gold mine.  Play it safe and get one for 45,000 and rents around 900 lets say.  Nah, I'll take the chance and use the money i would invest in the safe house and get 6 or 7 low income houses and make close to 3,500 month. 

I agree though, unless you have a good team here.  Not something for the OZ investor.

Posted for all us inner city landlords (slumlord, such a crude word, lol)

Kyler
 

Trash flows make me more money than any other projects that i have.  One mans trash flow is another mans gold mine!

Lol, gotta love these forums

If your not from here or really know what i have established all u can do is speculate.  Have u been to Kansas City?  Well i have been to Detroit and  Memphis and there is a major difference in the rental markets.  If i was like everybody else spruiking on this forum i would sell it for 30 to 40K.  I do the same deal as i  do for people in California, about 20,000 to 25,000.  Why be greedy when u can  set up repeat business and everybody is happy.  These cash flowing properties are great and in the end i make more in the long run with them  then renovate and flips. Yes, flipping is still something u can do if you know your market well.  You can say all u want about problems down the road, but if your tenant proof your house from the beginning u won't have these problems.  If they are tearing your house up that much then u didn't screen them that good to begin with. For example section 8 tenants tear a house up they wont be able to ever get in another.  That on it's own is enough to keep tenants from wanting to go back to the projects.

I don't see any other turnkey groups that  offer what i do, especially with a tenant and a service warranty on the homes.

Hey Angelarose,

Would like to network and see what we could come up with.  I am in need of people with there feet on the ground in Australia.  I currently have a friend from the states in New Zealand that is working his way there.  As mentioned above it is hard to find good people.  It's not always what u know, it's who u know. 

There are tons of places to invest and make money here in the states.  I concentrate on Kansas City and SW Florida (Tampa, Sarasota, North Port and Naples) since i started buying fore closers back when the recession  hit in 2008.  My properties in Florida are long term for me and i do cash flow rentals in Kansas city.  I also do a renovate and resell about each quarter in Kansas city in our art district/urban area.  Which is how i gain capital for most of my houses in Florida.

Those numbers for Atlanta also seem to optimistic.  Generally with a purchase in the 20's to 40's it is a ruff area and u have to have a really good property management company and u generally will get 8 to 10 months of rent.

You could get four to five good properties in Kansas city compared to Atlanta.

Email or friend me on facebook me if you are interested in networking or seeing if we can help each other

Kyler Rice
[email protected]   

Seems like a lot of people these days are having trouble finding good property managers in Kansas City.  I have been working with investors from bankrupt equity groups they had bought from.  SEG and Blue Mountain group, did a good job of giving investors the worst areas of inner city Kansas City.  You can still get a good rental income out of these houses.  The rents aren't the best but if u keep them low u can keep the renter longer than if u demand top dollar.  Its tricky if you don't know the area and the people. 

As far as other areas, I have been active in south west Florida since the market collapsed.  The kicker is that a lot of houses in Cape Coral area full of Chinese drywall.

I would like to expand to other markets also, but there is still a lot of money to be made in Kansas City for me

Kyler Rice
[email protected]    

Thanks Alex,

Was one of my old posts when i first started using these forums

seasoned investors know Florida, your just trying to pimp out a boom town that busted, lol. 

Man, it sucks that there are that many predators out there.  As a proud American it sucks to see so many scam companies out there  just preying on people.  Just makes us look like a bunch of money hungry thieves.  Sadly, i buy most of my properties from investors that are frustrated and want out. 

Kyler
[email protected]

I just wish i could have bought houses in cape coral in 08 for 35K agian