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Saint Louis, MO - Turnkey Buy & Hold
Investment Info:
Single-family residence buy & hold investment in Saint Louis.
Purchase price: $62,500
Cash invested: $62,500
Cash purchase. Turnkey rental purchase.
What made you interested in investing in this type of deal?
I've been browsing on Roofstock.com for some time now. I do like the data and information they provide, but sometimes their info isn't always accurate. This appeared to be a pretty good cash on cash return for a turnkey purchase, and it was my first deal in Missouri. The property was recently rehabbed and there was a lease in place. Overall it was an easy deal, and I met a few new business partners in Missouri.
How did you find this deal and how did you negotiate it?
Turnkey rental on roofstock.com. I paid cash and made an offer online through their site.
How did you finance this deal?
Financed using a first lien HELOC on my primary residence.
How did you add value to the deal?
It was turnkey, so force equity or improvements have been made.
What was the outcome?
Overall, it was a very easy and simple process with good cash flow.
Lessons learned? Challenges?
Overall, I'm not the most excited about inheriting tenants, and I firmly believe that BRRRR is the path to multiple deals per year, but it was our first deal in Missouri and I don't have a network there yet, so starting out with a turnkey property made the property a little less scary.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No agents were used on this one.
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