Property #2: Texas Single-Family Residence
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $239,000
Cash invested: $10,000
This was my second home, also purchased with a 0% down VA loan. Yes! You can have multiple VA loans. And if you are curious, need guidance, or have questions... don't hesitate to message and ask me!
This property is my current primary residence and I am able to house hack this as well!
What made you interested in investing in this type of deal?
I bought this deal because in my first house-hacking home, two prospective tenants asked me, "Hey, do you have a house or a room for rent?" At the time, the other house was completely occupied. But, I thought to myself, not "I don't think I can make this work," but "how can I make this work?" After calling lender after lender, I soon discovered as long as I have a lease for the first house, I can pull off getting a second! Those two tenants helped me pay for the second mortgage. Thanks to them!
How did you find this deal and how did you negotiate it?
It was quick and it was stressful! I actually did not think the offer was going to be accepted. I wrote a letter attached with my offerings and the family loved my story and my intent, thus accepting the offer! They let me a letter and left it on the counter the day I received keys and closed. I will always keep that letter... thank you!
How did you finance this deal?
0% down VA loan
Lessons learned? Challenges?
Whilst house hacking, I learned much about the eviction process, as I had to work with my first "trouble tenant." In fact, he still owes me money! Long story short, screening is important!