First buy and hold deal in up and coming area near Dallas Zoo

[Robert Marshall Serrato]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $70,000

Former Church converted into a 2 bedroom 2 bathroom house.

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

The area is an up and coming area near the Dallas Zoo.

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

Whole Seller

How did you finance this deal?

Hard Money Lender, Wildcat Lending

How did you add value to the deal?

This was a church at one point. We converted it into a single family 2 bed/2 full bath. We put in about $70K into to the house.

What was the outcome?

We did a cash-out refinance on the property and were able to pull out about $20K. Rented out the property and cash flow north of $500 a month by managing the property ourselves.

Lessons learned? Challenges?

This was our first deal and we learned dealing with contractors can be a challenge. Staying on budget was also a challenge. Have extra money/budget for surprises. Stay on top of the contractors. Have a list of things that will get done and don't be afraid to start.
I heard this quote the other day. "Start by Starting" Love it!

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

Wildcat Lending HML, Carlo Checri Account Manager fantastic! easy to work with and good follow up.