Rental Property from Wholesaler

[Mike Stahlman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,900
Cash invested: $15,000

Acquired in August 2022 for $139,900

Year built : 1962
County : St Charles
Beds : 3
Baths : 1.5
Square Feet : 1084
Lot Size : 9680
Units : 1

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

Price, location, neighbor of friend.

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

Neighbor told me about it and I saw it post on a wholesale site we have worked with in the past. Made a solid offer and acquired the house.

How did you finance this deal?

Used a Business LOC from an existing Rental HELOC for a low interest loan along with a loan from the same lender for the rest. Then when Complete did a Cash Out Refi. Pulled out most of our investment.

How did you add value to the deal?

Finished an unfinished sun porch to add 400 SF to the house. Full cosmetic rehab.

What was the outcome?

Great property, Great Cash flow. Lots of value.

Lessons learned? Challenges?

Create a good product people want to rent in a good neighborhood and it is easy to find good quality renters.

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

Home Bank in Lake St. Louis, MO