First Property in Portfolio: Los Angeles Inverstor in Kansas City
Investment Info:
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!)