Cecelia House of Taylor, TX

[Cruz Sanchez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $265,000

Cash invested: $40,000

Originally built in 1886, this home is 4 bedrooms, 2 and 1/2 baths. Luckily this house did not need much work other than slightly updating the kitchen with fresh paint, new counter tops, and range and dishwasher. The only major item was replacing the water heater. We were excited to not even have the list the home because we found out tenants by them just driving by. Cannot wait for Taylor to begin it's own renaissance as experienced by Hutto and other small towns no more than 15 minutes away.

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

I like to work both long and short term investments. This is a long-term with the expectation of Taylor growing quickly in the nearer future. Looking forward to appreciating values in my near future.

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

I found it on the MLS and I was able to negotiate aggressively since it was listed for a few months. Coincidentally I made my initial offer after the listing had withdrawn. The sellers accepted without any negotiation!

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Updated the kitchen and spruced up the landscaping and fence. The landscaping and fence alone drove traffic our way without trying at all!

What was the outcome?

Leasing out for $2100/mo to a young family that I suspect will find it their long term home for the next few, if not, several years to come.

Lessons learned? Challenges?

Perhaps a cheaper 4 bedroom house in the area for lease under $2,000 will open my pool of tenants. Next time...

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

Yes, the listing agent. She was helpful since I was in Houston during the time of purchase. As a real estate agent myself, I know first hand how difficult it can be working with out of town clients. I gave her back 1% of my commission for being such a pleasant agent to work with. I kept the other 2% of course.