2 bed/ 2 bath turn key townhouse in West Texas

[Sonya Crowley]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $199,999
Cash invested: $40,000

New construction turn key townhouse

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

The turn key aspect of this deal got my attention. I needed tax incentives along with long term investment strategy to offset my retirement income.

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

I found this deal through Morris invest.

How did you finance this deal?

I wouldn’t call it a deal. More like a transaction. I paid hard cash for the down payment and used a conventional bank loan for the balance.

What was the outcome?

The property is still vacant. Waiting with bated breath to get this rented before another payment is due.

Lessons learned? Challenges?

Turn key properties are not the best way to achieve financial freedom from my 9-5. I would need 30 doors to achieve my goals. I am not sure how I can scale these investments if i need to come up with 20% for each door.

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

I worked with Linda Li at General Mortgage Capital Corporation. Linda was a great partner who made her self available to answer my endless questions in a timely manner.