Single-family residence buy & hold investment in Kansas City.
Purchase price: $66,000
Cash invested: $9,000
First deal in my portfolio! FSBO and 0% interest! 1000 sq ft SFH. Slab foundation and converted garage to make it a 4 bed/1 bath. Might add an extra bathroom and turn it into a duplex (2 bed/1 bath)x2. Stoked on this deal and stoked on finding more!
What made you interested in investing in this type of deal?
The initial cost was low, the Kansas city is by most accounts a good cash flow area, and the lease terms were too good to pass up
How did you find this deal and how did you negotiate it?
This was a property that my mother did want to deal with anymore and she offered to sell it to me! Fortunately I had enough for the down payment!
Lessons learned? Challenges?
Dealing with property inspections and rehab/repairs from a distance is very time consuming. I had to get organized very quickly to keep track of companies, estimates, receipts etc. ( I imagine this kind of record keeping is what keeps most people away from investing ...sheesh!)
@Alonso Figueroa congrats on the first deal!! sounds like it was a good one
Congrats! I have often wondered how to make a log distance deal and maintaining a property. It sounds like you probably have some contacts in the area, right? I ask because my ideal living location (Colorado) is not my ideal investment location because of cost. I have often looked at the KC market, as I believe it is a growing/revitalizing city.
@Gintaras Kuzma Thank you.
My (non-professional) research has led me to the same conclusion about KC.I have a few months experience as long-distance landlord, BUT I did a ton of research (podcasts, youtube, blogs) on tips to make it easier and pitfalls. Fortunately there is a a good selection of resources for info on this kind of investing.
It also helps that I have some extended family that lives in the area and are fairly knowledgeable about the neighborhoods! But I try not to bother them too much.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you