Rental Property Investor · Houston, TX · Member since 2018 · 48 posts · 30 votes
Investment Info:
Single-family residence buy & hold investment in Lake Jackson.
Purchase price: $84,900 Cash invested: $12,000
Property has an ARV $140K.
Escrow Pmt: $950
Rent: $1400
Cashflow After Mgmt(self manage): $310
How did you find this deal and how did you negotiate it?
Found it from a wholesaler in a sub market of Houston.
Bid 5k under list price. Wholesaler asked if I could go 1k higher. I agreed.
At closing I could see the wholesaler was at our market's low 5k assignment fee.
How did you finance this deal?
Cash with a partner.
Refinanced in a conventional loan.
How did you add value to the deal?
18k of Rehab: New Roof, New HVAC, NEW Kitchen w/granite, New Bathroom, New Vinyl Laminate Flooring, general repainting, and exterior landscaping.
Lessons learned? Challenges?
It was a smoother remodel. Learned a little more about conventional lending and keeping the property in the LLC.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?