In this week’s episode Ed Kaminsky, founder of SportStar Relocation, talks about the Kansas City Missouri Real Estate market with David Van Noy of The Van Noy Group. David Van Noy has been a realtor in the Kansas City area for over 15 years and a SportStar representative for the last 2 years.
David has helped professional athletes find housing in the area. He gives some insight into some of the challenges of the trade. When working with athletes David has helped athletes focus on making the team and keeping in top condition by tackling tasks such as finding schools, a temporary rental until the right house comes on the market and even finding an uncle/business manager housing.
David Van Noy will be the first to tell you, the Kansas City housing market has tremendous value. He finds that professional athletes relocating to the area get a ton out of their purchase price versus other markets. With the Kansas City Chiefs stadium sharing a parking lot with the Kansas City Royals Stadium you would think that there an area that is heavily inhabited by professional athletes. David Van Noy tells us that area is Leawood, less than a 15-minute drive from the stadiums. Leawood is home to not just active players but also retired pros, Kansas City professional athletes tend to not leave staying local celebrities for life.
With a population over 2 million people, the Kansas City area offers tremendous upside for investors. David finds that the more interesting opportunities are in the multi family properties. Specifically, 4-plexs to 30-unit properties. Also, single family homes and duplexes are offering huge returns. Acquisition prices can be found for as low as $200,000 and claim rents of $1,300+. The hot areas offer appreciation rates of 7-8% year over year consistently. For commercial and industrial properties, cap rates are typically 4-5% but there are plenty of opportunities that peak around 10% as well.
If you are looking for small town charm but still want the big city draw Kansas City might be for you. If you are looking to purchase in the area David Van Noy offers tremendous service and should be your first call.
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