First Turn-key investment

[Renee Fletcher]

Investment Info:

Single-family residence buy & hold investment in Kansas City.

Purchase price: $119,900
Cash invested: $27,000

3 bedroom- 2 bathrooms.

[Renee Fletcher]

Hey @Jay Howard,

I don't mind sharing my experience at all. So I used Bridge Turnkey as my provider and I was referred to this company through a group called active duty passive income. This group is actually open to anyone so you don't have to be a part of the military to ask questions and stuff. The person who referred me to Bridge is actually a co-founder of this company. I decided to go with this company because they had a lot of good reviews and the people were just helpful. I don't know about most turnkey property companies, but they do have a rent guarantee policy which is: if after the first 30 days and the property is still vacant, they will send you a check for the amount of rent you would have been collecting (based on their estimated rent suggestion and using a preferred PM team). Just to note, the days do not start until after the first 30 days. In other words if the property is vacant for 2 months, they will send you a 1 check but up to 12 months. Also, if you need to drop the rent to get the property occupied, Bridge will pay the difference between their suggested rental price and the actual rent up to 12 months. Great deal if you ask me! :-) 

I decided to go with KC, MO because that is the area that Bridge conducts their business. They are also on the Kansas side and are slowly branching out to other markets ( I believe). 

My projected cash flow is around $235/month and that is being on the conservative side because this is my first real estate investment property. This is after having my reserves taken out to include vacancy. I just used 5% for each but I will probably adjust it later because the roof is new, plumbing has been updated, they added a bathroom to  my property. My house was actually appraised for more than what I bought it for, which was $122,000 and purchase price was $119,900. 

I've been up since 4 am so I hope that this all made sense. Let me know if you have any other questions.