Our first property that turned into a rental

[Bo Mitchell]

Investment Info:

Single-family residence buy & hold investment in Lubbock.

Purchase price: $90,000
Cash invested: $30,000

Single family home, 1300 sq ft. 3/2

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

We felt like it was a low risk purchase. We knew if we couldn't sell the property for what we wanted then it would cash flow as a rental property

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

The realtor that I used to purchase my home knew that we were looking to get in to real estate investing contacted us about it.

How did you finance this deal?

We used a line of credit and cash.

How did you add value to the deal?

Remodel

What was the outcome?

It is now finished and rented out cash flowing.

Lessons learned? Challenges?

We learned a lot from this property. We ended up putting to much money in on the remodel lucky for us it cash flows as a rental.