7106 Pinetex Dr.

[Oscar Morales]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $95,000
Cash invested: $10,000

I bought this home as a primary residence as a valentines present to my wife a few months before my daughter was born. I lived in the house for a few years and now operate it as a long-term rental property. I completed a cash out refinance on this property this year after it appraised at more than double what I originally purchased it for.

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

I originally purchased this property because I was recently married and had to find a place to live with my wife and future daughter. This was my second property.

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

I found this property by using the MLS.

How did you finance this deal?

I purchased this home using a conventional loan.

How did you add value to the deal?

I added value to this deal by updating the curve appeal of the property. I removed the old aluminum carport and extended the driveway. I also installed new sod to the back yard and installed an iron gate and door as well as a wood fence after I removed the old chain link fence.

What was the outcome?

With the new curve appeal and newly updated landscape it was able to attract a lot of small families to want and rent the property.

Lessons learned? Challenges?

A lesson I learned from this was to always stay on the lookout for deals even on the MLS. The realtor that was helping me locate a primary residence did not mention this neighborhood. She wanted me to buy a larger home in a nicer part of town. I think in order to earn a bigger commission on the deal.