First Rental Property for 2021

[Scott Reynolds]

Investment Info:

Single-family residence buy & hold investment in Dallas.

Purchase price: $249,000
Cash invested: $62,000

Originally purchased as my primary residence but did a remodel and turned it into a rental in 3/2021 when I purchased another primary residence.

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

The last time I sold my home before buying another property I looked back at it as a huge mistake. I already had a renter in it and I always looked back and wished I had kept it as a rental rather than selling it.

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

I simply converted my primary residence into a rental. Having purchased it about 7 years prior I was able to rent it and cashflow roughly $600 a month.

How did you finance this deal?

FHA loan with 3.5% down

How did you add value to the deal?

I did a remodel prior to renting it out to freshen up the entire home.

What was the outcome?

It is rented and cash flowing.