First true investment property *Update*

[Justin Greene]

Investment Info:

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

Purchase price: $42,000
Cash invested: $68,000

I am currently rehabbing this house starting to get my refinancing options lined out. The completion date is 12/1/2019! Getting Close!

*Final numbers updated. Appraised at 185,000 a year ago, and with this current market could be at 200,000 now!*

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

I bought an out dated home in college and made slow improvements. After selling, I had a bit of cash to play with and I wanted a challenge. I bought this house in rough shape!

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

I had a wholesaler that I had reached out. A friend of a friend. Drove 5 hours to meet him one, and ended up buying this property after one brief drive by viewing, and about 6 pictures. A lot of trust in my friends trust of this wholesaler. I cant say I recommend this strategy, but luckily it worked out beautifully for me!

How did you finance this deal?

The Wholesaler was able to finance this for me. 1 year term. Amortized at 30 years. 6% interest. Interest only payments for 12 months.

How did you add value to the deal?

Complete remodel and I did 85% of the labor. Added one bath and one bedroom.

Lessons learned? Challenges?

This was my first real fixer upper. Learned an immense amount from this project! Redid everything, completely new electrical, new plumbing. removed a few walls. new kitchen. Purchased as a 2 bed, 1 bath. Turned it into a surprisingly spacious 3 bed, 2 bath with laundry upstairs!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Apex Realty Network - Kansas City