425 N Day St, Powell WY

[Nathan Gesner]

Investment Info:

Single-family residence buy & hold investment in Powell.

Purchase price: $100,000
Cash invested: $20,000

Seller approached me about listing the property for sale. Her parents built it and it had been in the family for over 60 years. She wanted to sell it quickly and discreetly (hiding the sale from a REALTOR friend) so I offered 20% below market with a discreet, quick closing. I also explained owner financing, which she loved and agreed to. We closed a few weeks later, smooth as butter.

I had to replace the furnace and do some cosmetic updates but it was pretty inexpensive. I rented it after a week of marketing. This is an easy cash-flow property located close to the downtown area. The lot is over-sized with plenty of room to add a big shop. This should appreciate nicely over the years.

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

I wasn't interested in buying anything but it was a pretty good deal. 20% below market, owner financing, very little work required. I jumped on it because the opportunity was there and I happened to have the money.

How did you finance this deal?

Owner financing. Seller wanted to avoid the tax implications of an outright purchase so she financed it for me.

How did you add value to the deal?

Bought below market, made some minor improvements, rented it.

What was the outcome?

I'll tell you in 30 years but the outlooks is good!

Lessons learned? Challenges?

None.

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

I am a REALTOR and represented myself.