Long term rental in Wichita
Investment Info:
Single-family residence buy & hold investment in Wichita.
Purchase price: $106,000
Cash invested: $22,000
3 bedroom, 2 bathroom. Twin home (one side of a duplex). Turnkey property.
How did you find this deal and how did you negotiate it?
I was referred to a friend who works the market and I negotiated through the agent.
How did you finance this deal?
Conventional financing for investment property.
How did you add value to the deal?
I did not. It was turnkey.
What was the outcome?
14% cash on cash with cashflow of $350 after all expenses paid.
Lessons learned? Challenges?
It's important to have open communication with your team when buying out of state and you've never been to the market. Ask a lot of questions and do your homework. I live in CA and have never been to KS.
