All Forum Posts by: Wesley Cowan

@Luis Vaca Hey Luis. I purchased the home in 2018 for 490K did about 60k in repairs and added a pool. Taxed appraised value for 2019 is close to what I have in it, but I am going to hold the property for at least 10 years or longer. It's in a great school district and new house's are being built around it daily. I get $4500 a month for it with a 12 month lease. I refinanced to get some cash out last year in which I only got 65% of the value out. With tax appreciation it's more like 55% of the value now.

@Clint G. Hey Clint, thanks for your response. The property is out in the London School area or way way out Weber. I bought it at 490k in March of 2018 and did about 60k in renovations, new pool HVAC etc. So the 1% of purchase price not quite. I lease it for $4500 a month. When I bought the property it county appraised at 525k for 2018 and almost 600k for 2019. I don't plan to sell any of my property's for at least 10 years. With pulling cash from the house last year I borrowed 65% so roughly 340k and it looks better looking at that number of 1.2%. If you have some time I would like to meet up with you and talk when you are available.

Investment Info:

Single-family residence buy & hold investment in Corpus Christi.

Purchase price: $490,000
Cash invested: $550,000

Used to be primary residence. Decided to rent rather than sell. Thanks to bigger pockets advice.

Investment Info:

Single-family residence buy & hold investment in Corpus Christi.

Purchase price: $80,000
Cash invested: $80,000

Property 2 of 2 house I purchased for 80k also.

How did you find this deal and how did you negotiate it?

Friend was retiring and wanted some cash and a quick close.

How did you finance this deal?

Cash

Investment Info:

Single-family residence buy & hold investment in Corpus Christi.

Purchase price: $80,000
Cash invested: $80,500

I found a 2 house deal, this one and the next. Bought 2, 3/2 across the street from each other. Friend decided to retire and was looking for some cash. He wanted 80k each, sight unseen and both were rented at $1100 each and county appraisal for this property was $110k. I did not argue we closed the next week for cash. Now again looking to refinance both and 65% is my best option.

What made you interested in investing in this type of deal?

60K equity at closing for both properties, if I sold for county appraisal pricing. I prefer to buy and hold.

How did you find this deal and how did you negotiate it?

Friend was retiring and wanted some cash.

How did you finance this deal?

Cash. Now looking to refinance or cash out credit score of 660 only one FHA loan and a new pickup truck financed. Friend recommended I get a car loan and a few credit cards to build some credit. I have never used credit before, I had a great job and made great money and if I needed something I paid cash. I now have 3 major credit cards Visa, Discover and Mastercard plus a Home Depot card. Now being retired at 45 from injuries on the job, my debt to income looks horrific.

Investment Info:

Single-family residence buy & hold investment in Corpus Christi.

Purchase price: $490,000
Cash invested: $550,000

Used to be primary residence. Decided to rent rather than sell. Thanks to bigger pockets advice.

What made you interested in investing in this type of deal?

Bigger Pockets

How did you find this deal and how did you negotiate it?

The house was only on the market a week and I drove by one day and bought it.

How did you finance this deal?

Cash then refinanced 65%. Was looking for more, closer to 80%, that is what I am looking for help on now.

How did you add value to the deal?

Added a swimming pool and added to the driveway, also added new HVAC, new privacy fence and tankless hot water heaters