Our First Investment Property

[Sabrina Long]

Investment Info:

Single-family residence buy & hold investment in Goliad.

Purchase price: $65,000
Cash invested: $7,500

Great little starter flip house for us. We are almost done with everything and landscaping is next weekend. The metal roof is just about done in this photo. Exterior paint and new solar screens are complete.

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

We knew the last renter and the history of the property. He was in the property for 10 years and knew what had been replaced and when.

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

Knew the renter who was going to purchase the property himself, but ended up not being able to do it.

How did you finance this deal?

Cash

How did you add value to the deal?

We updated the exterior by replacing bad siding, removing rotting carport, replaced rotten fascia boards, added a metal roof and repainted exterior and added solar screens. Interior updated some electrical, fixtures, appliances, patched walls, replaced some doors and repainted the entire interior. We also added a privacy fence around the property and reconfigured outdoor living by moving a beam from the center of covered back poarch to on the side, providing a large open outdoor living area.

What was the outcome?

A nice fresh property that is ready to be rented this February.

Lessons learned? Challenges?

Working on weekends to get it done since it was out of town. We keep costs lower by doing it ourselves.

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

Did not work with any real estate professionals on this deal.