Tomorrow I’ll be reviewing a 4-plex in Wichita that is for sale by owner for a whopping (I’m kidding) $76,000. I’m interested to see the condition of it since the outside is okay, but not great, but it’s near a place that I own in town. I’m hoping a client will be interested in perhaps picking it up as an investment in Wichita.
I’ll post more later once I get a chance to check it out and to learn more about it. According to records my mom and I pulled the guy has only owned it a year so I’ll be curious to learn why he’s selling already. When I spoke to him the other day he told me it’s because he has 3 small kids, a wife, a full time job and he’s coaching his kid’s soccer team. Maybe that’s it, maybe he’s in a pickle with financing and can’t handle the payments now.
One other interesting element is that his property is zoned commercial and is on the edge of the revitalization area of downtown Wichita. I’m interested in helping investors sweep up property in this area to benefit from the long term change in the area and to work on continually improving the quality of the tenant base in the area and perhaps looking at an even longer term idea of turning these 4-plexes into rowhouse condos.
In the meantime, anyone interested? Give me a call or email.
