Investing in real estate is a smart financial move for most buyers. Some investors choose waterfront or downtown condos hoping to attract tourists. However, there are many buyers searching for multi family homes for sale in Overland Park KS and nearby neighborhoods.
There are not as many multi family homes for sale in Overland Park KS as there are single family, but you can still find some great deals, especially if you get advice from an exclusive buyer’s agent specializing in the area. On our website, you will find all the multi family properties for sale listed in the MLS listing service. However, if you want to learn more about multi family homes for sale by owner or other houses not listed in the MLS system contact T. J. Lamb Real Estate via email or give us a call at (816) 224-4393.
Types of Multi Family Homes for Sale in Overland Park KS
Multi family properties are residential or commercial structures which have more than one unit. If a multi family home has 4 or less units, such as a duplex, triplex or a fourplex, then is it considered a residential multi family house. Anything over four units is classified as a commercial building and there are substantial differences in the way such structures are valued and financed.
There are not many commercial properties for sale in the Overland Park KS area. The majority of multi family properties in the local real estate market are residential. With prices starting at around $200,000, these properties are a very attractive and affordable option when comparing with single family homes. Some first-time home buyers often purchase a multi family house, such as a duplex, so they can live in one unit and rent the other.
In many instances, the rent for a second unit in a duplex may be enough to almost cover the mortgage. Affordable housing prices is one of the many reasons Overland Park KS attracts first-time home buyers as well as veteran investors.
One of the few neighborhoods offering multi family homes for sale in Overland Park KS is Southdale. Southdale has a great location within walking distance to Oak Park Mall, Westridge Middle School, Johnson County Library and many other shopping and dining venues. The Southdale community features a gym, clubhouse, pool, security, playground and tennis courts. The prices for multi family properties in Southdale start at around $200,000.
Some of the multiplex houses for sale in the area could be considered turn-key investments with long-term tenants already occupying the premises. This is a great option for real estate investors since after an initial purchase owners don’t need to worry about advertising their property for rent.
Why Choose Multi Family Homes for Sale in Overland Park KS?
If you are new to the real estate investing world you may be wondering what makes multi family homes for sale in Overland Park KS such a great investment. As we mentioned above, multiplex housing is an interesting option for first time home buyers who can live mortgage free while building their equity. On the other hand, investors, by purchasing a property with tenants already in it, can start making money from day one. A savvy landlord can introduce a slight rent increase or cut some of the costs which will produce even more monthly income.
Anyone who ever bought condos or single family homes to rent them out will tell you what a hassle it can be to get a mortgage loan every single time you are ready to invest. Instead of filling out numerous loan applications and prepare financial statements you can do it all at one time when buying a fourplex and acquire four units to rent immediately!
Similarly, the amount of paperwork increases when you need to obtain insurance for your real estate properties. With one multi family property you have one insurance policy. Fewer documents means less headaches and aggravation the next time you try to track down a particular policy.
If you ever bought any real estate property you know how easy it is to be swept off your feet and fall in love with a place. And, as everyone knows, it is one of the biggest mistakes one can make. Buyers tend to feel different when shopping for multiplex properties. When you are aware that you and your family will not occupy the units, or at least not all of them, your attitude changes and you become more business-minded. It all comes down to numbers, which helps an investor make the right decision and keep emotions at bay.
If you are seriously considering becoming a real estate investor, then hiring a management company is something you should look into. If you own a multi family property which has 2, 4, or more units, having a management company to run it won’t increase your expenses that much, but you will still get income without any landlord duties.
As we mentioned above, buyers who search for multi family properties have a different attitude than those who look for single family homes. It happens quite often that a home buyer submits an offer on a house and ends up paying way more than the property is worth because of that “unforgettable” view from a master suite or the backyard “just perfect for summer cook-outs”. The competition is a lot different when searching for multi family homes for sale. There are fewer buyers searching for such properties and they are less likely to pay more than the property’s value.
It comes in handy to have a professional negotiator on your side when you are ready to buy a multiplex, such as an exclusive buyer’s agent. Only an exclusive buyer’s agent will negotiate on your behalf and can substantially lower the asking price turning your smart investment into an even better deal!
If you are ready to take the plunge and start looking at multi family homes for sale in the Overland Park KS area contact our exclusive buyer agency, T. J. Lamb Real Estate, or give us a call today at (816) 224-4393. We’d love to hear from you!