Pocket Listing Success

[Ruben Galindo]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $158,700
Cash invested: $30,289

3/2 SFH that I purchased with $57K in instant equity. No repairs needed and good tenants already in the property. The current cash flow is low due to below market rent which will be adjusted at renewal.

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

I already invest in Buy & Hold SFR and I liked the location of this specific property.

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

I was contacted by another realtor and was offered the opportunity to acquire it. I based my offer price based on the current rent being collected from current tenants.

How did you finance this deal?

30 year Conventional Investment loan

How did you add value to the deal?

I'm a local realtor and already knew the values in the area.

What was the outcome?

I closed on this property.

Lessons learned? Challenges?

Since the roof was the original roof and it was 16 years old, the insurance company was not going to cover it. I overcame this by adding the price of a new roof to the offered price and have the new roof installed before closing. This allowed that cost to be rolled into the loan which will be paid for by tenants through rents being collected.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a local agent and real estate investor as well. With now 9 properties, I'm pretty savvy on how to ensure that I can get qualified for investment property loans.