Updated over 7 years ago on .
2nd investment Property
Investment Info:
Single-family residence buy & hold investment in Watauga.
Purchase price: $175,000
Cash invested: $44,000
Single family home for long term rental.
What made you interested in investing in this type of deal?
Wanted a SFR and self manage.
How did you find this deal and how did you negotiate it?
Found through MLS and saw that it was a flip house and it was better quality than most flips I've seen. Sale price was $180,000 and offered $165,000. Seller came back "too low" so waited 2 more weeks and it was still available then offered $175,000 and seller agreed. I know this wasn't a good deal but single family houses in DFW go very fast and I've put in 20 offers over a year. I wanted something move in ready because working full time I didn't want to renovate myself.
How did you finance this deal?
25% down, bank loan on remaining.
What was the outcome?
Closed Nov. 1, had rented and moved in Dec.1 and mortgage not due until Jan. 1. Mortgage with tax and insurance is $1098, rent is $1400.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jon Sutton of EXP Realty