The Gunter Village Resort
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $752,000
This property has two homes (5/3 and 2/2) with a shared pool and hot tub in the back yard.
What made you interested in investing in this type of deal?
This property is truly one of a kind in East Austin. The property is very attractive to renters because of the great pool/hot tub in the back yard.
Also, this place is walking distance to commercial spaces, such as coffee, groceries, and fast food. Not to mention the continued growth in the area, both commercial and residential.
How did you find this deal and how did you negotiate it?
Found the deal on Zillow. Initially listed at $899,000 for both properties. I was following the listing closely and after seeing the price reduce to $799,000 after only 6 weeks, I had a feeling that the seller was motivated and wanted to sell quickly. After doing due diligence on rent and cost of maintaining the pool, we knew that $750,000 was our magic number to obtain.
How did you finance this deal?
50/50 cash and mortgage
What was the outcome?
Following 3 counter-offers, we finally agreed on a price of $752,000 with a quicker than expected close date.
Lessons learned? Challenges?
Because of the uniqueness of the house and the condo regime that was in place for Unit A/B, our mortgage lender, and our appraiser were finding it difficult to classify and appraise the home.
Having a seasoned lender really helped us get the deal over the line at the best rate because of her ability to understand the intricacies of a deal and know when to push a little more.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Diana Landry from Canopy Mortgage