Round Rock, Texas SFR - 1st investment deal!

[Joel Fine]

Investment Info:

Single-family residence buy & hold investment in Austin.

Purchase price: $267,500
Cash invested: $60,000

Round Rock, Texas
Deal closed 6/28/18
Cosmetic rehab completed 7/31/18
Rented out 10/5/18
Cash out refi 10/15/18 - got all but $60k back out

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

Interested in relocating to Austin area someday. This is our "stake in the ground" there!

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

MLS

How did you finance this deal?

Paid cash, then did a cash-out refi.

How did you add value to the deal?

Minor cosmetic rehab - new floors, paint inside & out

What was the outcome?

Rent now covers PITI. Property was built in 2003 and got a new roof a few years ago so repairs should be pretty low. Cash flow not great but decent appreciation potential near major tech employers including Dell & Apple.

Lessons learned? Challenges?

Cash flow isn't great, looking elsewhere for that.

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

Denise Braun, agent - she was great
Axos Bank on refi