Tax Advisor's First Deal

[William Joel Idleman]

Investment Info:

Single-family residence buy & hold investment in San Antonio.

Purchase price: $145,000
Cash invested: $3,000

I received $5,000 off when everyone else seemed to be paying above asking price. This was my first investment property. I used a low down payment loan. My wealth grows by about $400/month (tax free) between the amortization of the loan and the cash flow. I help people with tax and financial planning! Send me a message before my book is full.

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

Appreciation, depreciation, and amortization. A triple threat with exponential benefits when stacked together.

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

I worked with a real estate agent. It was hard to find any property that was cash flowing. I had him send me all of the properties that were for sale with tenants already under contract. This property cash flowed. Asking price was 150k. I offered 125k. They countered at 145k.

How did you finance this deal?

Gov backed loan.

How did you add value to the deal?

No value added. I'm collecting this one like 10 year old me collected baseball cards.

What was the outcome?

Still holding. Great tenant.

Lessons learned? Challenges?

I recognize emotion and fear when I'm in the process. I talk through both emotion and fear by running down the numbers and reminding myself of my long term goals.

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

Manny Gonzalez out of SATX was great to work with. If you want his contact info, send me a message.