Marylee - Columbia, MO

[Kaaren Hall]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,000
Cash invested: $80,000

Buy & Hold Rental - 4 bd , 3bth w/basement. Purchased this 1960 ranch-style house in October 2022 and started the slow process of renovation including all new doors and windows. The master bedroom only had a toilet and sink so used a closet to make space for a shower. Added an upstairs stackable washer/dryer area (also by cannibalizing a closet).

Brought this property up to date so it should not need other renovations for a long while.

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

Because I have family in Columbia, MO it seemed like an ideal area to invest since the community has great employment and low prices.

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

The seller knew how much rennovation the property would take and lowered the price from $225,000 asking to $200,000.

How did you finance this deal?

Put 20% down and financed the rest for 15 years.

How did you add value to the deal?

Major renovation of all rooms. Flooring and paint, total kitchen, doors & windows. The house was much the same as it was when it was built, buy today it's a modern house.

Lessons learned? Challenges?

Got a discount from the rehab contractor for not being in a rush to finish.

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

I worked with RE Agent Ryan Lindstrom on this deal and on the other rehab I have in CoMo. Ryan is a local Realtor who previously ran a reno business, so his advice was extremely helpful.