Single-family residence other investment.
We bought this property back in July 2017. It has 3 structures on it. We subdivided the lot and now after the renters moved out, I am updating the bone.
What made you interested in investing in this type of deal?
The deal had a lot of options as we are owner financing the other piece of the property (that was split off) for the same price we paid for the entire property.
How did you find this deal and how did you negotiate it?
We found it as a probate deal through an attorney that Dana, my wife, met.
How did you finance this deal?
We had a line of credit on our personal residence that we used to purchase it.
How did you add value to the deal?
We bought it under value, subdivided the property and now doing the updates. The first Ward is one of the fast appreciating areas in Houston.
What was the outcome?
We hope to rent it out and open to selling in the future. We will have a 30% plus return on our investment.
Lessons learned? Challenges?
Taxes are challenging and desire to work to find more of these type of deals
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Dana Johnson, my wife, and also a Realtor. Jose Ortiz is with Regions bank and has been a great financing resource.
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