This was my second deal

[Walter Anderson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $56,000
Cash invested: $11,819

3b 1 bath small family residence in south Kansas City.

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

I was in my second year of real estate investing and wanted to get anther deal under my belt. I knew about other methods but went with something I knew that was tried and true.

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

I used MLS with an agent

How did you finance this deal?

20% down conventional loan

How did you add value to the deal?

We will add concrete to the driveway. So far I haven't done much I negotiated a new roof and a new sewer in the buying process.

Lessons learned? Challenges?

I got better cash flow on my second property and also better ROI from using the bigger pocket calculators.

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

I used Brevin Woydziak, and Emanuel Blando as agents. They have been great in the KC area. I used Arvest Bank on the lending.

[Walter Anderson]

Thank you to Daniel Hyman Merrick Mott for the votes on this post! Wish you guys the best in real estate!

[Suzan Hampton]

Congrats! Good to know about these agents, and about Arvest Bank as a lender. How do you like them? May I ask what your cash flow is on this property? You said it was better than the first one, which I believe was $183'ish? You're on your way to financial freedom-good job!

[Walter Anderson]

The cash flow on this one is $214 a month with 4% vacancy 7% repairs, 7% cap x and 8% property management. I bought it again with section 8 tenant. This tenant has been a bit more hands on then my first property, however my property management has been good to take care of most issues.

[Walter Anderson]

I like Emanuel Blando and Brevin Woydziak. Brevin flipped his first house at 19 and owns or has a part in 9 deals. Emanuel has I think 6 or so rentals with a partner as well. They are investor freindly because they are investors. They aren’t on BP that I know of but I can get you contact info if needed. I have done lending with Arvest Bank (Shane Martin) haven’t had a problem and Cornerstone mortgage (Dave brown) both good in KC area for conventional loans. 

[Nathan Gesner]

Congratulations! Keep up the good work and thanks for sharing!

[Timothy Young]

Great work and thanks for the info.  Time to start looking for that third :)

[Walter Anderson]

Thanks, Timothy Young and Nathan G. I am closing on my third deal in about a week or so, the seller is doing some foundation work, and then we are getting a structural engineer to look at it. After the deal is done and I get a renter in I will post that one. My first year of real estate I did one deal. This is my second year and will have 2 this year. Next year January I am shooting for three deals. I encourage everyone to just do more this next year, even if it is buying your first rental.

[Walter Anderson]

@Nathan Gesner@Suzan Hampton@Timothy Young

Thanks for all the comments and good questions, wish you the best on your investments!

[Michelle Etherton]

Congratulations @Walter Anderson! Way to keep the investment train rolling!

Michelle