2nd investment Property

[Shawna Clark]

Investment Info:

Single-family residence buy & hold investment in Watauga.

Purchase price: $175,000
Cash invested: $44,000

Single family home for long term rental.

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

Wanted a SFR and self manage.

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

Found through MLS and saw that it was a flip house and it was better quality than most flips I've seen. Sale price was $180,000 and offered $165,000. Seller came back "too low" so waited 2 more weeks and it was still available then offered $175,000 and seller agreed. I know this wasn't a good deal but single family houses in DFW go very fast and I've put in 20 offers over a year. I wanted something move in ready because working full time I didn't want to renovate myself.

How did you finance this deal?

25% down, bank loan on remaining.

What was the outcome?

Closed Nov. 1, had rented and moved in Dec.1 and mortgage not due until Jan. 1. Mortgage with tax and insurance is $1098, rent is $1400.

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

Jon Sutton of EXP Realty