Off Market BRRR deal in Spring, TX (north suburb of Houston, TX)

[Daniel Tanasa]

Investment Info:

Single-family residence hard money loan investment in Spring.

Purchase price: $180,000
Cash invested: $9,000

This was an almost perfect BRRR. Bought with very low money out of pocket. I have a very local lander in Houston area who finance 100% of the deal if is a very good deal. Bought it with 180k, 20k credit from lander for repairs and ARV is 270k. 9k total Out of pocket cost to close on it. After repairs the propriety is expected to net Cash flow $300.

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

Spring, TX is a really nice area with good schools and good long term appreciation.

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

I found it of market, driving for dollars. There wasn't much negotiation, the seller wanted 180k and that's what I ended up paying.

How did you finance this deal?

I Financed it with Hard Money and because was 75% bellow the ARV Loan covered 100% of Repairs and over 95% of buying costs. My total out of pocket was 9k.

How did you add value to the deal?

I redone both bathrooms and finished the rehab the previous investor started and he ran out of money.

What was the outcome?

Still in renovation process, but I expect to have $300/month in net cashflow.

Lessons learned? Challenges?

You can still do deals with very low to no money down if you look hard enough for them.

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

I was working directly with the seller on this deal. But I am also a Real Estate Agent in Houston Market. If you need an investor friendly agent, don't hesitate to contact me and I will be happy to help.