Buy and Hold Family Home

[Jerritt Nunneley]

Investment Info:

Single-family residence buy & hold investment in San Antonio.

Even though this is not a slam dunk first deal, it will provide solid double-digit returns the first year and mid 20s in the second year. After a solid rehab of my grandparents untouched 1966 house, it feels good to hear the engaged college couple say "this renovation exceeded our expectations". They and their 3 dogs will be calling this place home for at least 2 years, maybe more with the possibility of buying it in the future. Again, not a slam dunk but a win-win for all!

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

I tired for owner finance, but my uncle needed the money from the home. It would have been a slam dunk had I been able to go that route.

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

Negotiated it with Uncle and Father......fun

How did you finance this deal?

Own money that was cashed out of the market.

How did you add value to the deal?

All new flooring, texture, paint, lighting/plumbing fixtures, bathroom and door hardware, and recessed lighting.

What was the outcome?

I will refi most of my capital back out of the deal in 6 moths and continue the process with the capital that has already been liquidated from the market.

Lessons learned? Challenges?

Finish work is key. Make sure your contractor FULLY understands your expectations before you begin. Hold the last draw until everything is made right and cleaned up!

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

No, we went straight to title because it was a family property.