Our First Investment Property

[Dylan Barnard]

Investment Info:

Single-family residence buy & hold investment in Haslet.

Purchase price: $230,000
Cash invested: $57,500

Contributors:
Melissa Barnard

We bought a 2012-build home in Sendera Ranch, an up-and-coming neighborhood in Haslet, which is north of the Fort Worth metro area. We are expecting to cash flow about $400/month before accounting for potential vacancy and repairs.

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

It was a newer built property that met our cbuy-and-hold criteria. The neighborhood is highly sought after in a great school district as well. The property is also directly across the street from the amenity center (pool, mini park, etc).

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

We found this deal on the MLS. We offered $7k above asking and gave the seller a free 7 day leaseback, which she only used 1 - 2 days of.

How did you finance this deal?

We used a conventional financing method with our lender, putting 25% down.

How did you add value to the deal?

We added some paint, installed some ceiling fans, patched up some dry wall and a door that someone punched through, and did a little deep cleaning in the master bath. Not much was needed to get it rent ready, since it was a newer house that was well taken care of by the previous owner (who bought it from the builder).

What was the outcome?

We just took ownership this week and are planning on getting it rented out by Nov 1. Our first payment is due Dec 1.

Lessons learned? Challenges?

You need some heavy duty stuff to get hard water stains off of an all-glass shower door.

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

My wife is an agent and got paid over $6k to buy this house for ourselves. That was a pretty sweet deal. Also, Tyler Hodgson of NXT Mortgage is on top of stuff with his 3 week to close program!