Single-family Property in Raytown

[Rick Novotny]

Investment Info:

Single-family residence buy & hold investment in Raytown, MO.

Purchase price: $91,000

Cash invested: $22,200

This property was my first rental and it was purchased for a long term hold in 2016 for $91,000 and it is now worth about $120,000. It is rented at $1,000 per month currently. 3bed/2bath, 1500 sq ft, .26 acre lot.

I bought this long distance without personally seeing it and I use property management. I spend maybe an hour per year on this property, which might include a couple emails and gathering the tax documents.

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

I found the property on the MLS.

How did you finance this deal?

Traditional financing.

How did you add value to the deal?

I think I can easily create an extra bedroom out of the "bonus room". I haven't figured out if this makes sense yet.

What was the outcome?

I still own this property and I do not have any plans to sell it as of now. The cashflow seems to work, I love real estate!

Lessons learned? Challenges?

Buying long distance without seeing the property for my first investment was interesting. It was a lot easier than I expected.

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

If you're looking to buy your new home in the KC area, or your next rental, I work with a wonderful team that I can recommend.

https://www.facebook.com/KniselyTeam
@KniselyTeam