1805 S 7th st. Temple, TX

[Taylor Dasch]

Investment Info:

Single-family residence buy & hold investment in Temple.

Purchase price: $125,000
Cash invested: $55,000

First actual fixer upper. I purchased at 125k Over rehabbed it. It does look really good and I'll get a better quality tenant. I did NOT copy the comps which is the major lesson learned. However, I did add much more value than if I had just prepped it for a rental. It was a good experience. I plan to hold on to this one. The initial idea was to refinance it, however if I were to refinance it now, I would go from a 3.25% interest rate to a 6.5% interest rate.

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

I had just refinanced my first property and wanted to try a value add / fixer upper.

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

This deal was on the MLS for quite a while, after the last price drop I was able to get it under contract immediately.

How did you finance this deal?

Conventional financing with 20% down.

How did you add value to the deal?

Full gut/rehab. Looking back, I would have only opened up the living room to the kitchen, done a full kitchen and bathroom remodel, and new flooring/paint.

What was the outcome?

Cash flowing 600/month

Lessons learned? Challenges?

Dont over rehab. It was a challenge finding good honest contractors that wanted to work.