Ranch Street - Houston 5th Ward - Rental

1 Reply

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $42,500

4/2 1830 Sq.Ft. SFR inside the loop needing minimal work to be rent ready.

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

Long term buy and hold in a gentrifying area that is in high demand for Section 8 housing.

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

MLS. Paid list price as it was massively discounted.

How did you finance this deal?

Hard money

How did you add value to the deal?

Added closets and hallway walls to make 4 legal bedrooms and eligible for Section 8 housing voucher holders.

What was the outcome?

Stay tuned.

Lessons learned? Challenges?

That's a post all in of itself

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

Jury is still out. Acquisition stage is complete, but the most challenging part of doing a 4 property cash out refi as the exit strategy has just begun.

Well done I was looking and following that property, it's a foreclosure in I'm not looking at the wrong house.

In a different matter: I tried getting a new construction house a few blocks away it's a new 2018 construction 3. 2. 1400sq with 4 parking spots. 

I put an offer of $160k since in the summer it was listed at $230k and they went down to $189k they where about to counter at $178m but my hard money lender told me that its worth only about $170 or $180k, And that it's not a good deal to get into, also I thought I can get $1600 a month but they told me it will be probably more like $1400 a month. I withdrawn my offer because I became on curtin.

What do you think of that deal? how much are you expecting to get in rent? Section 8 or regular if it doesn't get approved. And do you think I can even compare the 2 property's? 

Any input will be appreciated 

Thank you  :)

the listing BTW if you haven't seen it already. 
https://www.har.com/s/5B27076D...

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