First Texas Property

[Troy Havins]

Investment Info:

Single-family residence buy & hold investment in Abilene.

Purchase price: $98,900
Cash invested: $19,780

Single Family Home that was already occupied by renters. First attempt at a passive purchase rental property.

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

I had recently sold a condo that my wife and I had lived in before and was looking for an easy first rental property.

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

They were originally asking 105000 but I negotiated them down to 98900.

How did you finance this deal?

20 yr variable at 7%. I need improvement in this area.

How did you add value to the deal?

Put about 3k into fixing some siding on the property and the sliding back door.

What was the outcome?

They have been with me for about a year and there have been no issues.

Lessons learned? Challenges?

I bring in about 3% cashflow on this property and realized that the better cashflow is in multiplex properties. I also underestimated taxes and found out how to look that up properly.

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

I worked with Charlie Thyne from Remax in Abilene who is both my go to Realtor and my property manager for all my other Texas properties.