Independence, MO 2/2

[Michael Bachmann]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $24,000
Cash invested: $65,000

This property was a total gut and rehab down to the studs. It had sat vacant for about 5 years with no utilities. It has a good sized and high-ceilinged basement which we replaced the windows, moved the washer and dryer area and added a bathroom. Upstairs used what hardwoods we could and pieced more into the kitchen so it was continuous. Main bathroom has all new fixtures and custom tile. Kitchen is all new with soft-close drawers and doors on the cabinetry, eating peninsula, granite and stainless appliances. This house is now definitely the nicest on the block and has been rented continuously since the overhaul.

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

Building rental portfolio.

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

Jackson County delinquent tax sale.

How did you finance this deal?

Cash for purchase and rehab. Pulled money out of property 3/2020.

What was the outcome?

Currently rented at $1,000 per month.