Updated over 9 years ago on . Most recent reply
Got my 1st offer accepted!!!!
Hey BP's, as of yesterday I got my first offer accepted on a duplex In NE Houston, Tx. My agent and I found the deal of the MLS and went out to see it the day after it was listed. Asking price was $170k and thats what we offered, considering its newly remodeled, all appliances, and in a decent area we didn't want to chance losing the property, although i was a bit sad not being able to negotiate on my first investment property. For our first investment property we didn't want to take on a a BIG project but we did want to buy low, renovate and possibly refinance, which we may not be able to do with this first proerpty so thats also a downside. But after a few months of searching and analyzing deals, we noticed a trend with MFH's in Houston Tx. The ones in our price range (150k-250K) that we either made an appt to see or drove by were in horrible areas, in horrible condition, or at a horrible price. So we bit the bullet and jumped on this gem. It was built in 2007, so we won't have to worry about Cap ex expenses for some time. I ran a rental analysis using the tool on bigger pockets with Vacancy and repairs at 5%, Property management and Cap ex at 10% (which is a stretch considering the age of the property) and its stands to cash flow $312.00 a month with owner paying the water, sewer, and lawn care (which I added into my analysis) . I feel as though this is a great deal and so does my RE agent, who is also an investor. I am a both excited and scared, and I pray this is as great of a deal as it looks on paper. We inspect the home on Wednesday, lets pray all is well and I make it to closing. Just a few deets below.
$170,000
3.5 % FHA (we are already pre-approved)
$1275 per month rent per unit (We will be "house hacking" one side)
Rent is 1.5% of the purchase price.
Most Popular Reply
@Anne Schutt Why weren't you able to do the live in? Just curios and thanksssss!!!!
@Rico S.Its been a dream and nightmare all at once lol. I will definitely be posting details as soon as I come up for air
@Shawn MaxeyThanks a bunch? What problems are you having with the FHA on your 4plex?