Houston We don't have a problem.

[James Nguyen]

I am a buy and hold investor in Houston. In 2016, in addition to holding down a full-time job, I bought 4 properties and now I am looking into apartments investing to reach my goals. I would like to tell you about the last rental property that I bought in Northwest Houston.

I found this condo from a tenant that was living there and he knew that the owner was trying to sell it. The owner was in his mid-eighties and didn’t want to deal with it anymore. It was a 2 bedrooms 1.5 bath condo and he wanted $28,000 for it. At first, I was able to have him sell it to me for $26,000 with me paying $14,000 and him carrying a note for the rest without any interest for a year so basically I would be paying him $1,000 every month for a year. After a couple days, his niece called me back accusing me of taking advantage of her old uncle and this and that. Anyways we finally agreed on a price of $24,000 cash and no note.

After the inspection, I was able to get the price down to $22,750, I put around $1,500 in it to make it rent ready such as painting the half bath, changing the light fixtures, and touch ups. I section 8 the place with a tenant right away paying $886 a month. The HOA is a little high at $238 a month. Taking into account for taxes, vacancy loss, maintenance cost, and management fee I am pulling in $400 a month from this property. I included eight percent management fee even though I am managing it myself. If you like more info on section 8 or my other rental properties, please don't hesitate to PM me. Thank you for reading my story.