Houston 3/1 BRRR - Slightly Chilly Down Here In Houston Texas

[James Polk]

Investment Info:

Single-family residence buy & hold investment in Lake Jackson.

Purchase price: $84,900
Cash invested: $12,000

Property has an ARV $140K.
Escrow Pmt: $950
Rent: $1400
Cashflow After Mgmt(self manage): $310

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

Found it from a wholesaler in a sub market of Houston.
Bid 5k under list price. Wholesaler asked if I could go 1k higher. I agreed.
At closing I could see the wholesaler was at our market's low 5k assignment fee.

How did you finance this deal?

Cash with a partner.
Refinanced in a conventional loan.

How did you add value to the deal?

18k of Rehab: New Roof, New HVAC, NEW Kitchen w/granite, New Bathroom, New Vinyl Laminate Flooring, general repainting, and exterior landscaping.

Lessons learned? Challenges?

It was a smoother remodel. Learned a little more about conventional lending and keeping the property in the LLC.

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

You can contact me.