First Investment Property

[Travis Cormier]

Investment Info:

Single-family residence buy & hold investment in New Braunfels.

This was my first investment property. It was sourced through relationships that my family has in the community.

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

It was turnkey and completely renovated. It was owned by a landlord who has moved on to larger commercial properties and was looking to offload his SFRs.

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

My mother-in-law knew the individual selling it. Although it was listed on the MLS, we were able to get a good deal.

How did you finance this deal?

Traditional mortgage with cash savings.

How did you add value to the deal?

The previous owner was renting below market rents by about $200. We raised rent and placed a new tenant to increase the cash flow on the property.

What was the outcome?

Successfully placed a tenant 2 days after closing.

Lessons learned? Challenges?

Be sure everyone is aware when it is a mail-out on closing docs. This caused a lot of unnecessary stress. Also, be sure the title company is sending correct payments. They sent the insurance check to the insurance broker instead of the insurance company, and we ended up having to pay it out of pocket until we got reimbursed.

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

We worked with Anthony Ferrando in Austin, TX and I would highly recommend him. I also worked with Patrick Pitts of Southwest Funding in Austin Texas and would highly recommend him as well.