2 bed 2 bath condo - Houston Uptown

[Andrew Asmus]

Investment Info:

Condo buy & hold investment in Houston.

Purchase price: $128,000
Cash invested: $32,000

Purchased a 2/2 condo that was an estate sale type situation listed on the MLS. The condo is located in the Uptown area of Houston by the Galleria. I liked the location so much I ended up living there for a few months before putting it on Air BnB. It's now a rental at $1,850 a month and it's one I would like to hold onto for awhile. You should not get attached to your investment properties but this one I did.

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

Location and floor plan. 2 bed 2 bath split floor plan, first floor located minutes from the galleria in Houston's Uptown area.

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

MLS - Estate sale. Acted quickly and put it under contract.

How did you finance this deal?

Hard Money loan

How did you add value to the deal?

New flooring, paint, countertops, hardware, glass shower door, electric wiring, and fixed the foundation (HOA paid for foundation).

What was the outcome?

Property recently appraised for $185,000 and rents for $1,850 a month.

Lessons learned? Challenges?

Biggest challenge was refinancing the property. If I would do it again I would've aligned the refi way early in the process instead of waiting as long as I did. Held the hard money loan much longer than I should've.

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

Represented myself as an agent.