Midrose Single Family home

[Mario Rapaj]

Investment Info:

Single-family residence buy & hold investment in Plano.

Purchase price: $265,000
Cash invested: $25,000

Beautiful 1 floor 3b2b home that can cash flow about $500 after PITI. Plano ISD school district. Central location, southwest or DNT, and PGBT.

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

Cash flow and equity.

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

Researching the market, working with a broker, and putting offers.

How did you finance this deal?

Conventional. At first, I paid PMI but after refinancing with a better interest rate and after appreciation I was able to cover the 20% and get rid of PMI in order to cash flow better.

How did you add value to the deal?

Cosmetic improvements, replacing appliances, and replacing the countertops of bathrooms with quartz.

What was the outcome?

Buying a deal with equity, putting little money down. Taking advantage of the debt.

Lessons learned? Challenges?

Ask questions, prepare for the worst. After a month we had to replace the water boiler but my broker negotiated with the seller to pay for home appliances insurance and it was covered, however, we were aware since the home inspector pointed it out that it is old and may need to be replaced.

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

Bardha Lloncari with Rogers Healy and Associates Real Estate. Mike Goodnight with Brazos bank.