First Time Home Buyer experience

[Kristian Gonzalez]

Investment Info:

Single-family residence other investment.

Purchase price: $105,000
Cash invested: $8,000

Single Family Home was purchased then partially renovated which led to my interest in real estate. In the process of relocating i decided to maintain the home and keep it as a rental which led to wanting to further my knowledge in the real estate business. The home is a nice 4B/2B on a cul de sac in a nice area .

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

I have had a growing desire to learn more about the real estate business and knew that in the future i would want to gain more knowledge and expand to either more rentals or wholesaling. It seems i have a great passion to learn more and more and never seem to lose interest.

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

I found this property on zillow and was not too successful at negotiating the cost in my favor because although the seller was motivated because he was going through a divorce he could not afford to go any lower.

How did you finance this deal?

I financed this deal with a VA loan because it was originally purchased as my primary residence in which i lived in for years, I just knew i was not going to want to sell it unless i could complete a renovation on continue to have tenants.

How did you add value to the deal?

Maintaining the property with basic updates like fresh paint and appliances while i was there and stained the kitchen cabinets to give it a more updated appearance.

What was the outcome?

Currently maintained as rental property but not pulling in as much income as i would like at the moment.

Lessons learned? Challenges?

If you are going to do any renovations or updates to a property yourself and still maintain a career that is separate from real estate make sure you do not start too many projects at once to where the home is completely unlivable. Push come to shove you want to be able to get a tenant in the home as quickly as possible if you cant finish the reno and you cant do that if the whole property is torn apart.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The real estate agent working in copperas cove, TX was very reliable and quick to answer and questions that i had during the process of purchasing the property. His name is Craig Laurenson.