Single-family residence buy & hold investment.
Purchase price: $89,000
Cash invested: $13,000
Property owner couldn’t afford the maintenance required for this property. It was located in an area where properties don’t come available often and is a great rental area not far from downtown Dallas.
What made you interested in investing in this type of deal?
Once I looked at the numbers and saw the potential to cash flow a close to $300 a month, it met my criteria.
How did you find this deal and how did you negotiate it?
My wife was talking to a family member who is also a realtor and told him we were in the hunt for deals so if he had one, give us a call. He called a week later with this lead. I offered the asking price with the contingency of a roof and foundation inspection. The owner claimed the roof on their insurance and had it replaced before closing.
How did you finance this deal?
Used hard money to purchase and rehab. Once it was leased, I refinanced the deal and left about 13k in the deal.
How did you add value to the deal?
Rehabbed the property and made it nice for a rental in that area.
What was the outcome?
Leased the property within a week of completing the rehab.
Lessons learned? Challenges?
This one was pretty straightforward (thankfully) so there wasn’t many challenges or lessons learned on this one.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, I’m a realtor myself so I handle all of my deals.
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