First Rental Flip Property

[Chad Parks]

Investment Info:

Single-family residence buy & hold investment in Amarillo.

Purchase price: $48,000
Cash invested: $8,000
Sale price: $72,000

3 bed, 1 bath, brick home
C+ neighborhood

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

saw an opportunity to add another rental property

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

Ran into a friend & the owner of his house out having drinks, and not happy drinks. After a few beers reached a solution where everyone walked away with what they wanted.

How did you finance this deal?

Owner Finance...paid off in 4 years

How did you add value to the deal?

Lots of updating, central h/a, etc

What was the outcome?

I sold this house & immediately paid off the rest my home mortgage, 1 month after my twins were born. :)

Lessons learned? Challenges?

Be careful when selling a home with tenants...

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

Used an agent to sell this home, actually made me get my own real estate license...