405, 407, & 409 South Street. Fairfax, MO 64446: The Bears Den

[Jimmy Stretz]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Distressed property in a small rural Missouri town surrounded by Loess Bluffs National Wildlife Refuge, Indian Cave State Park and Bilby Ranch Lake Conservation Area. This property is minutes from the Mighty Missouri River, the Nebraska/Missouri border and 2 hours from Omaha, Nebraska. There are three combined lots equalling 17,990 lot size. There are 2 improvements on the 3 lots, 1 of which is habitable, and currently rented out. There is opportunity to finish the 2nd improvement and rent that out as well, something to be considered in the near future.

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

Affordability.

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

I found this deal through family in the area. Negotiated the deal face to face.

How did you finance this deal?

n/a.

How did you add value to the deal?

I've only needed to make small repairs so far thankfully. The value is from scarcity in the area. There not many options to rent.

What was the outcome?

The outcome is having a cash flowing property in a unique part of the country.

Lessons learned? Challenges?

Learning a feet on the street approach to doing market analysis. Managing a property out of state is a tough challenge but it can be done.

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

No Missouri agents or lenders were used but I an a licensed real estate agent in the State of Colorado.