Bought my first rental property!

[Ken Swearengen]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $144,900
Cash invested: $31,877

Turnkey SFH in Raytown, Missouri, a suburb of Kansas City.

What made you interested in investing in this type of deal?

I've been looking to house hack, but with 2 kids -- one about to enter school -- the options around my hometown of Baltimore, MD are rather limited.

How did you find this deal and how did you negotiate it?

The turnkey company was recommended to me by a member of Active Duty Passive income. I worked with the owner of that company (Bridge Turnkey) to find a property that fit my cash flow expectations (it'll be around 12%).

How did you finance this deal?

We had some cash saved up, so we put 25% down and financed the rest through a bank.

How did you add value to the deal?

n/a, it was already to go

What was the outcome?

They had a tenant in place for us paying the top end of our estimate rent range on a 2-year lease.

Lessons learned? Challenges?

Even for a turnkey I didn't realize how many phone calls I'd have to make to set up the utilities and all that. Plus this town just started a rental registration program which is requiring more phone calls. But worth it!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am very happy with Bridge Turnkey. Voepel Property Management has also been really easy to work with and very responsive so far.

[Cassandra Collins]

That's awesome, Ken! Congratulations on a successful investment! I too have been looking to house hack in KCMO, and your experience along with several others are making me consider turnkeys as well. Here's to many more deals for you!