Buy & Hold In Houston

2 Replies

Investment Info:

Single-family residence buy & hold investment in Houston.

Purchase price: $65,000
Cash invested: $70,000

I bought this house for 65k it was flooded and I put in 5k to fix it up. I took 112k out of it and bought another house around a year ago. 7019 is worth $212,700. Rent is $1747/Mo on Zillow.

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

The Math was simple to do and it work.

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

One of my customer told me about it. I went to bid on the house because it was flooded and I ask the owners if they wanted to sell. They said yes and gave me a price. I said yes and we both it.

How did you finance this deal?

I bought it cash

How did you add value to the deal?

I did all the work in the home myself so it did not cost me much 5k. Drywall, Paint, Insulation, fix cabinets.

What was the outcome?

It cost me 70k and it is worth 212,700K Rent for $1,400. I can take this up to $1,750. I took out $112k and bought another house for $65k 2 years ago. That house is worth $150K it rent for $1,300. +$50 a month pets.

Lessons learned? Challenges?

Second House I did not get a survey, lost 16k instead of $500. Make Connections with Electrical, Plumber, before you take on a job. Tell people about what your trying to do and step out of your box. Make it Happen

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

No

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