All Forum Posts by: Nina De La Cruz
Nina De La Cruz has started 1 posts and replied 3 times.
Post: Renting by the room in Houston
- Rental Property Investor
- Houston, TX
- Posts 3
- Votes 3
I am in the same situation and curious to see how yours unfolded! Did you continue to rent by Room and if so, did you regret it?
Post: 3/2 STR Airbnb rehab - Houston, TX
- Rental Property Investor
- Houston, TX
- Posts 3
- Votes 3
Thanks everyone!
Travis, the plan is for a long term hold. It’s in the east river area so I’m holding out for high appreciation over the next 5-10 years. Trying to decide if I want to add in a hot tub to maximize Airbnb profits.
Post: 3/2 STR Airbnb rehab - Houston, TX
- Rental Property Investor
- Houston, TX
- Posts 3
- Votes 3
Investment Info:
Single-family residence hard money loan investment.
Purchase price: $160,500
Cash invested: $30,621
3 bed/2 ba home. Financed $186,585.00 HML including $39,225.00 holdback for rehab costs. Cash to close was $22,848.23. Holding costs $9,647.80. Refinanced $192,750.00 with $3,950.51 cash to close, received $5825.00 cash refund for unused rehab funds after closing. Current ARV is conservatively $315,000. Monthly PITI is $1578, currently being used as an airbnb.
What made you interested in investing in this type of deal?
I wanted to grow my STR portfolio and try my hand at a hard money loan.
How did you find this deal and how did you negotiate it?
On the MLS. Cash only sale, very motivated seller around the slow market period of Christmas/New Year holiday. Under contract under asking price, negotiated lower by taking less commission, then lower because repaired roof needed replacement.
How did you finance this deal?
Hard money loan.
How did you add value to the deal?
Financed repair costs. New roof, paint, flooring, kitchen and bathrooms completely remodeled. I did some of the work on my own and hired out help for specific tasks rather than paying a general contractor to do so.
What was the outcome?
I'm sitting on about $120k of equity and $200-$500/month cash flow with STR.
Lessons learned? Challenges?
Wasted $2150 on holding costs and 1.5% interest rate waiting on something trivial that the loan officer overlooked on the appraisal report. Had I looked through it thoroughly I could have caught it as well.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself
