Investing in the Houston area (x2)

[Michelle Smith]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $225,000
Cash invested: $8,000

Bought in early 2023. Currently house-hacking - Renting out spare bedrooms. One roommate has potential to rent out whole house with her family in a couple of months.

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

My brother, who is also an investor, and the Bigger Pockets Podcast.

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

It was in my neighborhood so I was familiar with the area and the prices of homes coming up. I was able to talk them down.

How did you finance this deal?

FHA loan

How did you add value to the deal?

So far it's just been paint and it's made a BIG difference in the feel of the home.

What was the outcome?

Currently house-hacking and there's potential for a roommate to rent the whole house.

Lessons learned? Challenges?

House-hacking is difficult. It's hard vetting the applicants and hard to turn away a sob story. Then when you get tenants, differences in personalities clash and playing middleman is rough.

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

Yes! Tanja Vargo!
(https://www.facebook.com/tanjavargorealtor/)

She is already working with me on my next investment property. She has 10 years experience and has A LOT of contacts. She was able to set me up with a private lender that is amazing!