All Forum Posts by: Andy Comer

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $185,000
Cash invested: $30,000

First attempt at a BRRRR deal.

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

The property sat on the market for a while in our current city. I knew the neighborhood, understood the values, and decided to make an offer based on what would make sense.

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

MLS listing. I noticed the owner was out of state. The asking price dropped from 229,000 to 210,000. We put it under contract for $185,000

How did you finance this deal?

Traditional 30 year mortgage through a local credit union.

How did you add value to the deal?

Painted interior, new kitchen appliances, new fixtures, upgraded all 3 bathrooms, and cleaned up the front landscaping.

What was the outcome?

We rented it out, and just completed a cash out refinance only 6 months in. It appraised for $235,000 and we were able to pull out 20k of the original 30k we invested.

Lessons learned? Challenges?

It's expensive to purchase with a traditional mortgage and then refi with a traditional mortgage. We still cashed out 20k, but probably spent 5k in closing costs...twice!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $134
Cash invested: $20,000

Purchased our second rental in Conway because the first was going so well.

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

Conway is a growing area north of Little Rock, a college town, and has decent rents and affordable homes. It's a safe bet for this guy!

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

Found it on the MLS and contacted our realtor to negotiate the price.

How did you finance this deal?

Worked with a local regional bank. They offered a commercial loan with 15% down amortized over 20 years.

How did you add value to the deal?

Updated countertops in bathroom, exterior paint, new carpet in bedrooms.

Lessons learned? Challenges?

After such a great experience with the tenants in our first rental, I didn't do enough tenant screening for this property. Let's just say it's been more difficult managing this property from out of state.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $154,000

This was our primary residence for 2 years in Arkansas. When we moved to TX it became our first rental!

How did you finance this deal?

Primary residence so we put 20% down...have a 30 year mortgage at 3.75%.

How did you add value to the deal?

We updated interior paint, added granite countertops, and new kitchen appliances.

What was the outcome?

Still have the same great renters in place.

Lessons learned? Challenges?

The first rental was a little scary. Looking back we should have started sooner!

Killeen/HarkerHeights/Copperas Cove have a lot of military folks based at Fort Hood...which means lots of turnover. 

I livee in Georgetown and SFR work well if you can buy right. Sun City is a retirement area of Georgetown with nearly 20,000 residents. If you are over 55 you can buy there and tenants seem to stay for long periods of time...plus, retirees don't usually trash the place. I have a great, knowledgeable realtor in the area who's helped me with several SFR. She's an expert in Sun City.