Updated about 2 years ago on . Most recent reply
Fort Worth Property
Investment Info:
Single-family residence buy & hold investment in East Haddam.
Purchase price: $40,000
Cash invested: $100,000
Single family property in Fort Worth, TX
What made you interested in investing in this type of deal?
This type of property is my core focus. I take much pride in bringing distressed single family houses back to their former glory.
How did you find this deal and how did you negotiate it?
We purchased this deal through probate. It took 10 months to close. We agreed on a cash purchase of 40K because that was the tax value at the time.
How did you finance this deal?
A community bank called Chickasaw Community Bank based in OKC. They funded 100% of purchase and renovation. I paid holding cost, including monthly interest only payments.
How did you add value to the deal?
Complete gut remodel. 100K in upgrades.
What was the outcome?
$600 in monthly cash flow, and approximately 100k in equity.
Lessons learned? Challenges?
Where do I start? Most important lesson, It's less stressful to work with a good team.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Chickasaw Community Bank in OKC and Tulsa, Oklahoma
Finishing Touches Remodeling in Fort Worth Texas
Andrew Postell lender Fort Worth Texas
