Updated about 6 years ago on . Most recent reply
3011 Lockwood Rental
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $95,000
Cash invested: $120,000
SFR 3-2-2 in Carrollton with full rehab, rent and refi
What made you interested in investing in this type of deal?
Good neighborhood, good bones, good price, easy rehab. High rent area.
How did you find this deal and how did you negotiate it?
Wholesaler
How did you finance this deal?
Cash
How did you add value to the deal?
Full rehab - foundation repair, granite, new cabinets, new flooring throughout, etc.
What was the outcome?
Finished Rehab, Rented and Refi
Lessons learned? Challenges?
Not having a plan of attack before purchasing the property and in turn it took longer than originally planned to rehab, rent and refi.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Purchased the house from New Western Acquisition sales agent in Dallas. Georgetown Mortgage for conventional cash-out refi.
Most Popular Reply
Hello Jonathan, this was my first purchase and I purchased that house cash. Rehabbed with cash and then did a cash out refi.
However, since then all other transaction I have completed were with hard money loans. For me, I realized a couple things that has help me out after that first property. First, leverage is everything. Second, having a loan in place forced me to find a efficient ways to rehab the property to get it on the market faster. The longer you hold the property during the rehab, the more you are paying in interest.