First Investment Property

[Kelly Konz]

Investment Info:

Single-family residence buy & hold investment in Boyden.

Purchase price: $76,500
Cash invested: $20,000

This property scared us at first because it was gross. Immediately when you walked in the front door the smell hit you. Cat smell, smoke, generally dingy and musty. But we rolled our sleeves up and got to work.

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

We spent 8 months looking for "the deal". We weren't afraid of doing some work and this property was just that. The curb appeal was amazing. But, once you walked in the front door it was the exact opposite.

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

Local realtor has it listed on their website.

How did you finance this deal?

Commercial loan and refi to residential.

How did you add value to the deal?

All new flooring, add bedroom, reno kitchen, paint entire house.