Updated almost 5 years ago on . Most recent reply
Buy and Hold Joplin Mo
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Joplin.
Purchase price: $117,000
Cash invested: $15,000
2 Bed, 1 Bath Each unit duplex. We did a slight remodel with upgraded fixtures and cosmetics to maximize the amount of rent we could get from each unit.
What made you interested in investing in this type of deal?
Building our rental portfolio.
How did you find this deal and how did you negotiate it?
It was and off market deal through a local realtor in the area.
How did you finance this deal?
Utilized a small local bank that offered to fund the price of the property, closing costs and rehab for 15% down.
How did you add value to the deal?
Updating and cleaning up the entire property.
What was the outcome?
Both units rented out very quickly after advertising the availabilty.
Lessons learned? Challenges?
Selection in tenants is very important. The previous owner of this property did not screen tenants and the property got very worn down and infested with roaches and mice. I had to have the property exterminated 5 times before everything was taken care of.
