Single-family residence buy & hold investment in Jarrell.
Purchase price: $147,000
Cash invested: $9,000
Sale price: $175,000
Single family home 3bd, 2bth, about 1400 sq ft. First time home.
What made you interested in investing in this type of deal?
First time home buyer. Initial asking was above what I was comfortable paying, ended up dropping down to paid price in 3 weeks from initial interest in property.
How did you find this deal and how did you negotiate it?
R.E. Agent, was willing to pay full price of the 2X time price decrease, think it was an the market for over 4 months.
How did you finance this deal?
Conventional loan with about 9K down payment.
How did you add value to the deal?
I did small esthetic interior repairs and just kept in great condition. Was proud to be a first time home owner.
What was the outcome?
Made almost 3 times my down payment upon the sale of the property to a new family that was a first time home buyer.
Lessons learned? Challenges?
It's not always about the money. I got close to what I was asking for, but was willing to help them out with closing and take a few grand hit to help with their first home. I learned how to to some plumbing/toilet repairs, sheet rock and texturing, simple landscaping, and honed in on interior painting. Spent a total of about $500 to prep the house for sell. Keep it simple, stay focused, and do the best work I could at the time.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Gary Cocanougher, for sell of the property.
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