Independence, MO 2/2

[Michael Bachmann]

Investment Info:

Single-family residence buy & hold investment.

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

Property was a total gut to the studs. It had sat vacant for about 5 years with no utilities. It has a high-ceilinged basement which we added a bathroom to. Upstairs used existing hardwoods and pieced more into the kitchen for continuity. Main bathroom has all new fixtures and custom tile. Kitchen has soft-close drawers and doors cabinetry, peninsula, granite and stainless appliances. This house is the nicest on the block and has been rented continuously post rehab.

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.