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Property #1

February 19, 2011

Our first property was my girlfriend’s home that she grew up in.  After her father passed away we evaluated our options and renting out the property made the most sense.  All of her friends and family said things like, “No one would want to live in that house” , “It’s in too bad of shape”, “you won’t be able to rent that house”.   It had been neglected for over 20 years and needed a lot of work.  We did the work and after 2 months we had it rented out.  We still have the same tenants living there.  This house is how we got started, I bought one only 6 months after that and we have been slowly picking up properties ever since.

The property is a 3 bedroom, 2 bath in a great older neighborhood in the Dallas area.  The DART rail is just now being put through the area and the entire neighborhood is really reviving.  Several homes have been torn down with nice homes being rebuilt on these larger than average lots.  The home was built in 1959 – Brick, pier and beam foundation, hardwood floors, nice sized lot, large trees, 2 car garage, and an overall great property.

The renovations totaled around $25k.  We made some mistakes, but we learned a great deal in the process.  The home being paid for left us a huge safety margin.  We had to bring more power into the house so electrical was one of our biggest expenses.  It needed a new HVAC both inside and outside unit.  We painted the entire place, had to do quite a bit of external plumbing updates from the house to the street, retiled one of the bathrooms, new garage doors, and did some landscaping in the front and backyard.

Here are some pictures – Unfortunately most of these are ‘After’ pics as we did not take many ‘Before’ pics.

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