3 SFR buy, fixed, and held

[Mark Wooldridge]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $45,000

3 single family rentals in SW Dallas Area. one 4/2/2, one 3/2/2, one 3,1.5/1

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

Wanted cashflow - Am experienced in construction easy so repairs are easy for me. Seemed like great opportunities

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

my realtor found these for me in two cased. one was from brokers at Lifestyles Unlimited

How did you finance this deal?

First one was conventional - was move-in ready so obtained bank financing and then fixed up house to be ready for renters. The other two I used a construction/remodel loan from Justin Bank that converted to a conventional mortgage after repairs made.

How did you add value to the deal?

fixed up the houses to livable conditions

What was the outcome?

Very good passive income over the years. Sitting on a large amount of equity which I want to put to work later this year.

Lessons learned? Challenges?

Went about as expected. Dealing with tenants was a learning a curve, managing people at a whole new level!

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

Adrienne Mendez is my realtor - very sharp gal who owns rentals herself - she gets what investors want!