Good way to start a young couple

[Richard Marques]

Investment Info:

Single-family residence buy & hold investment in Houston.

Purchase price: $117,000
Cash invested: $35,000

Flood home presumable going into foreclosure. I was the second bid and took advantage of the opportunity. My first buy!

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

Local neighborhood and good deal given the relative lack of flooding. Yes, this flooded during Harvey but only Harvey. In an area that received 40" of rain and many homes got FEET of water, this was a good deal less.

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

Signage on street brought this to my attention. Wholesaler.

How did you finance this deal?

My own money to buy it upfront. I've since cashed out with a credit union.

How did you add value to the deal?

Increased curb appeal in addition to the inside rehab.

What was the outcome?

Recent appraisal was given at $200k. This was conservative as the floor wasn't installed yet so there's more upside to this house still.

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

Only needed it initially as this was my first buy. Didn't use any other professionals otherwise.