First property in the portfolio

[Brett Danehey]

Investment Info:

Single-family residence buy & hold investment in Wichita.

Purchase price: $89,900
Cash invested: $26,000

4/1 SFH in SW Wichita.

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

I've listened to all the podcast and have a goal of having 10-20 SFH and to have them all paid off.

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

NMLS. The owner was 3 years late on back taxes. Knowing it was priced right and after talking to my team in Wichita it was a pretty easy.

How did you finance this deal?

Conventional through BOA (i work there). In hindsight I should have shopped around, since BOA is tightening their lending right now. I had to put 30% down.

How did you add value to the deal?

There were a couple of small fixes that I contracted out through my management company. But it was pretty much turnkey

What was the outcome?

Taking applications for tenants right now.

Lessons learned? Challenges?

Financing I probably put $5-8k too much in because I didn't shop around and I just went with my employer.
I did my homework and interviewed P.M. and I was able to find a company that has everything in house from agents-handymen-contractors. And they shot me straight. There were some other homes I was shopping around and when I'd reach out to them, they were honest on what it would rent for and the neighborhoods. Since I'm investing out of state that was important. They told me no go on 8