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Updated about 4 years ago on .

User Stats

25
Posts
6
Votes
Francisco Perez
Pro Member
  • Rental Property Investor
  • Clovis, NM
6
Votes |
25
Posts

First investment property

Francisco Perez
Pro Member
  • Rental Property Investor
  • Clovis, NM
Posted

Investment Info:

Single-family residence buy & hold investment in Clovis.

Purchase price: $164,000
Cash invested: $3,000

First investment property. 2bed/2bath and an office that I’ll be converting into a bedroom soon. Was able to finance it and negotiate below asking price and include closing costs too. I already have possible tenants for the property, making it cash flow positive from day 1.

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

Getting hands on experience and I’m really interested in rental properties.

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

I had good connections with realtors in the area, and my best agent reached out about this property and sent me all the details. We went to see the property that afternoon and made an offer after running the numbers on it.

How did you add value to the deal?

This is a 2bed/2bath and Im converting it to a 3bed/3bath

What was the outcome?

Got quotes from various contractors and was able to land a deal for the expansion

Lessons learned? Challenges?

Working different aspects of the deal for the first time (i.e. negotiating, analyzing)

  • Francisco Perez