All Forum Posts by: John Roesler

Investment Info:

Single-family residence buy & hold investment in Kansas City.

Purchase price: $99,000
Cash invested: $23,155

Single family home in Kansas City Missouri

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

The deal was turnkey through a provider and the numbers were good

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

RentToRetirement found the deal for me and I worked with them to get the deal done

How did you finance this deal?

Traditional 20% down mortgage

How did you add value to the deal?

Nothing notable yet

What was the outcome?

Rent checks are flowing. Flowing from day 1 as the home was pre-leased by the property managers, Only Choice PM

Lessons learned? Challenges?

Be patient. There were many times throughout the process when I was feeling impatient with the pace at which things can move between the lender dotting all it's i's and crossing it's t's, and then the time from first rent check paid by tenant to actual deposit in my bank account.

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

@Zach Lemaster with Rent To Retirement, and all the folks over at Only Choice Property Management!

@Ellie Johnson how much are the units renting for? For $140K, was there work that needed to be done on the property?

@Zach Simpson I would say to consider your goals. I know for my family, having a house to call our own was very important to my wife. We bought a personal home first 3 years ago, and a SFH and a duplex since then. If property is "stupid" cheap", maybe you could do both a personal home and rental property in the same year?

Thanks all! I have learned a lot from what has been shared. Especially around the ownership of the appraisal.

As it turns out, it’s going to work out well - the seller is going to complete the repairs.

There are several reasons I don’t plan to work with this particular lender again, communication and timelines being the main ones.

I realize too I overreacted about the sharing of the appraisal. Just my second property and I haven’t experienced all the things yet. I appreciate everyone’s input.

@Donald Robers thanks for the input! I will definitely be relaying my displeasure to the bank. My only concern is if the seller doesn’t wish to address the items called out in the appraisal and what will happen at that point. The lender has stated they won’t close until the items are addressed. But my contract with the seller didn’t include lender required items - maybe a miss on my / my realtors part?

@Edgar Yepez save up early so you can start buying properties. Cash is a quickly limiting factor if you’re short on it. Best of luck getting started. It’s awesome to see someone as young as you getting going on RE.

@Brian Ellis good luck!

For real estate - my 90 day goal is to get through my current closing and get tenants in before the snow flies.

I’ve also started making family oriented, spiritual, and physical 90 day goals!

In the process of closing on my second property, a duplex in Saint Paul, the appraisal came back with an asterisk related to some basement water issues. The lender won’t close until the seller addresses the issues. So, the lender sent my appraisal to the seller to show the items that needed addressing. I paid for the appraisal, so that’s my property right? I didn’t give permission for it to be shared and now the seller knows the house appraised for a decent amount more than what we agreed to for purchase price. I’m worried the seller might back out now and list again. What should I do?

@Janel York welcome! Great to hear you are getting started. So much good stuff here on BP

There is a friendly report abuse email on ICANN...we'll see if anything comes of it. Thanks again for the gut check - something just wasn't adding up on this one.