All Forum Posts by: Bryce Fellers

It was from a bank, Delmar Mortgage was who it went through before the sold off the loan. It was on the Kansas side in Overland Park.

Hi Jaycee. Thanks for your question I Should clarify. That $20,000 was money invested into updates on the property. 

I put 20% (54,000) and then an additional 7% of the loan amount ($15,000) since the bank only offered 93% loan of the purchase price. 

Total Investment + Down payment of 69,000 + 20,000 of updates = $89,000.

Hope this helps.  

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.