First investment property to build capital for future deals

[Tony Servos]

Investment Info:

Single-family residence fix & flip investment in Kansas City.

Purchase price: $65,000

Single family property that was picked up after an investor thought the water in the basement was something he didn't want to get involved in flipping.

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

I noticed the foundation didn't have cracks but the gutters were in bad condition as well as the windows were leaking due to bad landscape. This is an easy fix to stop the water coming into the basement.

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

My mentor helped me find this deal. He also helped with the negations on price.

How did you finance this deal?

Hard money loan for 6 months at 8%

How did you add value to the deal?

I'll add a half bath and turn it into a 3/2.5 single family.

What was the outcome?

The project continues

Lessons learned? Challenges?

"Sure thing" contractors are not a sure thing. Looking to reevaluate how much of the project I complete.

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

Working on this part currently