3200 sq ft SFR in Round Rock, Texas

[Joel Fine]

Investment Info:

Single-family residence buy & hold investment in Austin.

Purchase price: $267,500
Cash invested: $60,000

3329 Pioneer Crossing Drive, Round Rock, Texas
Deal closed 6/28/18
Cosmetic rehab completed 7/31/18
Rented out 10/5/18 (Property manager was WAY too optimistic about rent, had to drop price several times)
Cash out refi 10/15/18 - got all but $60k back out

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

Wanted a foothold in the Austin market.

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

MLS. House had been on the market 60 days, so got it slightly under asking price.

How did you finance this deal?

Cash followed by cash-out refi

What was the outcome?

Now rented. Took a couple of months to rent - initial asking price was (in hindsight) much too high, had to drop rental price several times to get it rented.