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Updated almost 6 years ago,

User Stats

25
Posts
2
Votes
Burt Gourley
  • Roswell, NM
2
Votes |
25
Posts

First rental property acquired and remodeled

Burt Gourley
  • Roswell, NM
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,000
Cash invested: $8,000

First investment house, using private lending. house was purchased with the goal of renting out . I updated the cosmetics of the home which was mainly paint and carpet. I updated the kitchen by remodeling all the cabinets myself and redoing the flooring in the kitchen with pergo and tile in the bathrooms. I tried to keep the "update" as minimal as possible. I left the master-cool cooling system and gas furnace in place and had this place rented in 3 months.

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

Taylor Ranch in Abq is one the most sought after areas due to the school systems in place. I knew I wanted to invest in an area that would appreciate quick and be in high demand no matter what.

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

I found this deal through a local realtor and friend. I guess it was technically a pocket deal as it was sold to me before it even hit the market.

How did you finance this deal?

Using private lending

How did you add value to the deal?

Tile, carpet, paint, remodeled kitchen

What was the outcome?

Perfect rental property that ended up worth a lot more than what I have invested

Lessons learned? Challenges?

Learning how to tile, remodel cabinets, dry wall repairs, just about all the DIY projects were a learning curve for me

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

RE agent

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