Driving for dollars paid off

[Gregory Schwartz]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $135,000
Cash invested: $35,000

This is a 1960s build 3 bed 2 bath in the heart of Bryan TX. Blocks from the local community college and a large hospital.

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

We are buy and hold investors looking for anything that has a good ROI in our market of Bryan / College Station TX

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

We found this by driving for dollars. Using the Deal Machine app we started sending postcards to the owner. From when we sent the first postcard it took months to get a response from the seller. It then took another 6 months to get the house under contract. The owner was a tired landlord who appreciated monthly cash flow. Owner financing was her suggestion.

How did you finance this deal?

We ended up agreeing to 10% down owner financing on a 135k purchase price.

How did you add value to the deal?

We helped remove the old tenants, cleaned out the house and spent $20,000 on floor, paint, repairs and upgrades.

What was the outcome?

Buy and hold
ARV: 180k
Rent: $1500
Cash Flow: $250 / month

Lessons learned? Challenges?

Patience and persistence pays off

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

I worked with my wife. Always listen to your wife