Long Term Rental Flip
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $270,000
Cash invested: $20,000
Sale price: $360,000
Purchased a house to rent out and complete smaller but necessary renovations and cosmetic updates over time. Had family rent from us and they were open to the updates being done while they were residing in the property.
What made you interested in investing in this type of deal?
Way to enter real estate investing.
How did you find this deal and how did you negotiate it?
Used our personal realtor
How did you finance this deal?
Commercial Loan
How did you add value to the deal?
We bought the property at below market rate because the seller was motivated and needed to close quickly. We refinished Floors, New paint on all walls and ceilings, new light fixtures, rebuilt entire back deck, painted entire exterior, trimmed large oak trees where branches were hanging over the roof.
What was the outcome?
Held for 1 year, completed updates, the property appraised enough to justify sale.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Scott Galvin with Keller Williams Partners is amazing and has been an expert in the Kansas City Marke for over 3 decades. He was my inlaws realtor when they bought their first house, and we have used him for 3 single family home purchases. He has a knack for putting deals together off market.