My 1st Investment Property
Investment Info:
Single-family residence buy & hold investment in Raytown.
Purchase price: $70,000
Cash invested: $70,000
1st Investment property! Wound up going turnkey. Its rented for $850/month.
What made you interested in investing in this type of deal?
I wanted to get the train moving with a smaller stable deal so I can start a working relationship with people to grow.
How did you find this deal and how did you negotiate it?
I found this deal through a property management company/turnkey provider.
How did you finance this deal?
Cash
How did you add value to the deal?
The purchase price is already below market value.
What was the outcome?
I should cashflow about $450/month before I pull any money out.
Lessons learned? Challenges?
Next deals I would like to more value add so that I can start working with contractors to grow my portfolio quicker.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am working with a company called REIS in KCMO.
