First Investment Property

[Casey Briscoe]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $242,000
Cash invested: $36,000

4 Bed room home with a converted garage gave the home more space. However it hurts on the resale but for a rental it maximizes space for renters.

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

The location to Cowboys stadium and its location to shopping and dining.

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

I actually got an early lead from the agent selling the property.

How did you finance this deal?

85/15 with my lender. He was easy to work with and got a me a decent rate for my first investment deal.

How did you add value to the deal?

Cleaned it and made sure it was properly shown to potential renters. I found and vetted my own renters and showed my home myself to control the potential renters visiting the home.

What was the outcome?

Its been fantastic so far. I have a really great family that pays the rent on time and they aren't destroying the home. They have a great since of pride in residing in the home.

Lessons learned? Challenges?

Timing is everything. I wish I could have gotten the seller to let us do the remodel ourselves. Having them complete it costs us more at closing. I could have saved myself 10k on purchasing.

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

I am an agent :)