Bought Property with Little Discount in Houston Hot Market

[Franky Juwana]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $158,500
Cash invested: $44,060

It is bananas our there, every time I like the house and it looks a little decent, at least 5-6 offers. So much competition with owner occupants or bigger investors. So Patience is the name of the game and not to fall into a bidding war.
I was able to identify this property while I was in NY and contacted my agent in Houston, the 3br/1.5ba Townhome unit is occupied with Family of 5 which they have been living there for 3 yrs with on time paying records.

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

Cash flow income and build net worth.

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

har.com and I negotiated very little due to others offer in line.

How did you finance this deal?

Conventional loan 4.375% 30yrs with .5% buy interest which cost me around $500

How did you add value to the deal?

The unit is occupied so I just continue the lease.

What was the outcome?

A little normal bumps here and there, nothing major, so I consider this a success and smooth transaction.

Lessons learned? Challenges?

This is my first HOA condo purchase, so next time I have to find out in early about the Master Policy, what covers, is it only interior or exterior as well? and get all the information for the HOA including the contact information.

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

Yes, a real estate agent that I would definitely recommend him to anyone. He went above and beyond his duty.