Updated over 4 years ago on .
SFH - First Rental Property
Investment Info:
Single-family residence buy & hold investment in Houston.
Purchase price: $231,000
Cash invested: $26,000
3/2 SFH in Houston.
What made you interested in investing in this type of deal?
I purchased the home to live in, added tile flooring and new windows. I decided to try AirBnb for a while and I enjoyed that, but wanted something a little more stable. Posted the house for rent on Zillow and great tenants fell into my lap on the first day. So far, so good. Looking forward to the next deal!
How did you find this deal and how did you negotiate it?
My agent found the property on the MLS. I've used her for several homes over the last 10 years.
How did you finance this deal?
30 year conventional loan. Cash rehab.
How did you add value to the deal?
New tile flooring and new windows. Also, since it's my only rental, I manage the property myself.
What was the outcome?
Property produces almost $400 in cashflow each month after all expenses.
Lessons learned? Challenges?
This isn't that hard, but it requires education, patience, and a little luck, especially in a competitive market like Houston.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Meg Beach at Gary Greene Realty is a wonderful agent.
Mike McDermott at Gibraltar Lending - super fast closing.