Updated about 5 years ago on . Most recent reply
Added another property to our portfolio!
Investment Info:
Single-family residence buy & hold investment in Trinity.
Purchase price: $20,000
3/2 1500 sqft on two lots. We purchased this one from a family member. It needs some work to make it rent ready, and we are still trying to decide between renting it long term or making it available on air b-n-b since it is walking distance from Lake Livingston.
What made you interested in investing in this type of deal?
This is another opportunity to learn and the deal was too good to pass up on.
How did you find this deal and how did you negotiate it?
A family member passed away a few years ago and their wife wanted to be done with the property. It was on the market for awhile but wasn't getting much attention. We agreed on a price for as-is cash sale and were able to secure it for $20k.
How did you finance this deal?
We used cash from my retirement account (I can feel the glares as I type this)
How did you add value to the deal?
I haven't made it that far yet. The house will need to be emptied from previous owners abandoned belongings. After some patch and paint work, new floors, interior doors, and general landscaping we will be all set.