WEALTHY FUTURE in the 785

[Conar Gosselin]

Investment Info:

Single-family residence buy & hold investment in Topeka.

Purchase price: $55,000
Cash invested: $15,000
Sale price: $73,000

2309 SW Madeline Ln was listed on the market for $73,000. It is a 4 Bedroom, 2 bathroom, and is about 1500 sq ft. We negotiated down to $55,000, with new roof and new sewer. I used FHA loan and put about $2,000 down. After all repairs done by my father and I, we have about $15,000 into the deal. I plan to refinance in July of 2019, which would leave us with another $20,000 to reinvest in another house/multi-family next. On the path to a WEALTHY future. $400 cash flow each month on top of that.

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

I had enough money to purchase a cheaper house and to do some renovations. Plenty of equity into the deal. Enough to use current debt and turn into another investment from it. I also had another goal to purchase my first buy and hold investment before my 23rd birthday. The house needed quite abit of work, but had great bones (also came with a new rood and new sewer).

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

I actually just found about the deal through Zillow. It was on the market for about a year. When negotiating it seemed like the owner finally wanted to sell it. I started the negotiation at $50,000 from the original $73,000. We worked it up to $55,000 with new roof and sewer. They also left washer and dryer.

How did you finance this deal?

FHA loan. 3.5% down.

How did you add value to the deal?

Redo entire inside, paint outside, and provide a comfortable living to the next person.

Lessons learned? Challenges?

I learned alot about closing a deal. So many intricate pieces and fees and relationship building. I was challenged with a real estate agent that i had trouble with, and also doing most of the repairs myself was challenging.