525 1st ST SW Rio Rancho New Mexico

[Bryan H.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $190,000
Cash invested: $30,000

built-in 2000. Second owners and first property bought. remodeled in 2022. large half-acre fenced-in backyard. 3 bed 2 bath. Owned by my spouse Megan.

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

This was our first house and we got a deal on it due to talking to the sellers and getting them to accept our offer over a high offer due to the lack of inventory on the market at the time.

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

Zillow and we offered the max amount that we could offer at the time. We got a new septic system and new roof out of the deal due to lack of maintenance and staining on the roof.

How did you finance this deal?

We used better.com and it was okay.

How did you add value to the deal?

we remodeled the entire house including the floors,bathrooms and kitchen.

What was the outcome?

we were able to rent the property for a healthy profit.

Lessons learned? Challenges?

I do not like removing texture from walls and I will never do laminate flooring again. Also will hire a flooring contractor in the future.