Rental in College Town

[Kaci Hunter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $45,000

Bought a 3/1 bedroom with a 1/1 apartment in the back. Rent 2 of the rooms in the main house and the back apartment.

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

Well, I thought two of my children would be attending Texas Tech so I thought that situation would allow my son and daughter to have their own space and still have roommates pay the rent.

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

We looked at several duplexes, but they were either occupied or out of budget. Very limited inventory. My daughter found ithis house on Zillow. She and her bestie went and looked at it and sent me videos (we live 5 hours away). Offered lower than asking price and got it.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

We remodeled the unlivable apartment in the back.

What was the outcome?

My college daughter isn't paying rent. I do have the renters and my daughter pay their own utilities as that keeps them responsible and diligent about conserving energy.

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

Amanda Hallmark and Gold Financial

[Tomas Roberto rodriguez]

Quote from @Tjimon Louisy:

Hey Kaci,

Congrats on the deal. Interested in knowing where the house is located in relation to the university. I am out of state investor interested in Lubbock and have heard mixed reviews regarding the east of side of town and would love to potentially talk about your experience for some perspective. Also, did you use a contractor or did you DIY the remodel of the back apartment?

 Most investors avoid anything east of Ave Q. 

We love it. CASH FLOW. But we are pretty hands on and know the area pretty well