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