Home Buying in Lawrence>Question Details

Annie, Home Buyer in San Ramon, CA

Buy a property to live now and for rent later. What location is the best?

Asked by Annie, San Ramon, CA Fri Nov 9, 2012

My family will move to Lawrence in December. I am thinking about buying a property to live now and rent it out after a year or two when we move to other state. We plan to spend around 100k cash, at least 2 bedrooms, 3 is better, 2 bathrooms. What are the locations should be good for our purpose.? We have a 4 year old daughter.

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John Evans’ answer
Annie, Lawrence has a fabulous rental market . The University of Kansas, Haskell Indian Nations University, and being a bedroom community for Topeka and Kansas City creates good rental opportunities.

Before you ask where to rent you must ask, to whom you wish to rent. For KC commuters with young families, the east side of town is good. College students desire to be close to the campus and the homes there tend to hold their value well. There are several good locations in town but you really should talk personally with an agent to best determine how to reach your goals.
0 votes Thank Flag Link Fri Nov 9, 2012
Thank you, John. How about west Lawrence,such as area close to Clinton Lake golf course?
Flag Fri Nov 9, 2012
Hi Annie,

I agree with John's assessment but would add a few more things. I would definitely go with 3 bedroom because they sell much faster than 2 bedrooms because most buyers do not want 2 bedroom properties. While you may live in it for a few years before renting it out, in 10, 20, 30 or however many years you will eventually want to sell or exchange it. You want to always think of your exit strategy (how easy it will be to sell) when you consider buying a property.

Besides choosing a REALTOR who can best help you identify the highest return on your investment by selecting the type of rental property that works best with your investment plan, you might want to make sure that REALTOR also provides property management and tenant screening capabilities in case you need to turn to him for assistance.

Selecting a tenant without a background tenant screening is an invitation to disaster as some tenants make the "rounds" from one landlord who doesn't screen to another.

Besides being a KS licensed REALTOR, I also am a KS licensed private investigator and also own a tenant screening and employment screening and property management business.

Tenant screening gives you peace of mind for free since the tenant pays for the screening fee.

The right professional to guide you through all this will make your investment property experience be a pleasant one.
Web Reference: http://www.KSRental.com
0 votes Thank Flag Link Fri Nov 9, 2012
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