Updated about 6 years ago on . Most recent reply
My first rental home
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $142,000
Cash invested: $50,000
This is my first rental home I purchased in The Colony, Texas at the end of 2015. Luckily for me, the home price at that time was still affortable. I was able to buy and hold it for rental investment and have a positive cash flow generated monthly.
What made you interested in investing in this type of deal?
Positive cashflow monthly of $400+
How did you find this deal and how did you negotiate it?
I was working with an RE agent at the time. This was the time before I got my RE agent license.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
Remodeled the kitchen and bathrooms, new coat of paint throughout the interior and completely upgraded the flooring to tiles throughout the house.
What was the outcome?
The outcome after the remodeling was the home is completely renovated and look transformed and functional.
Lessons learned? Challenges?
The lessons learned is good contractors are hard to find and you need to have time to look for good one.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I purchased this home through an RE agent in October 2015. I didn't have my license then.
