First Investment Property

[Jarrod Covey]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $220,000
Cash invested: $300,000

Complete remodel including 35 new piers for pier & beam foundation, framing, siding, subfloors, and complete finish out. Only item from original build is the shiplap accent wall. Learned a lot about construction, contractor management, and property management. This house is now a permitted short term rental in Austin, Texas

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

The location of the property and future growth of the city

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

I found this deal through a local wholesaler

How did you finance this deal?

Hard money

How did you add value to the deal?

Tore the existing structure down and built new

What was the outcome?

First cash flowing rental

Lessons learned? Challenges?

A lot of lessons and challenges

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

Yes