North Austin single family rental home

[Stephanie Cravens]

Investment Info:

Single-family residence buy & hold investment in Austin.

Purchase price: $185,000

Single Family House in north Austin that I bought to live in for 2 years. I moved to Fort Worth and now currently rent out the house short term through Airbnb. I have also rented it out long term which is less money but less work.

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

Tired of paying rent (someone else's mortgage) and wanted to build equity in a property.

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

I got Texas real estate license and negotiated with the owners agent. There were 8 offers on the property and most were all cash. The asking price was $169,000 and my offer was $185,000.

How did you finance this deal?

FHA financing with 3% down. I also was able to keep most of my 3% commission for buying the property to cover all my closing costs.

How did you add value to the deal?

I remodeled the property including new flooring, scraped off pop corn ceilings and new bathrooms. I filled in the sunken living room floor to the same level as the rest of the house which made it feel much larger.

[Brian Ploszay]

What do you think you will get for the rent?  It's rather nice for a rental, so make sure you get a good, long staying tenant.