Bought 1 of 2 houses for the price of 1.

[Wesley Cowan]

Investment Info:

Single-family residence buy & hold investment in Corpus Christi.

Purchase price: $80,000
Cash invested: $80,500

I found a 2 house deal, this one and the next. Bought 2, 3/2 across the street from each other. Friend decided to retire and was looking for some cash. He wanted 80k each, sight unseen and both were rented at $1100 each and county appraisal for this property was $110k. I did not argue we closed the next week for cash. Now again looking to refinance both and 65% is my best option.

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

60K equity at closing for both properties, if I sold for county appraisal pricing. I prefer to buy and hold.

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

Friend was retiring and wanted some cash.

How did you finance this deal?

Cash. Now looking to refinance or cash out credit score of 660 only one FHA loan and a new pickup truck financed. Friend recommended I get a car loan and a few credit cards to build some credit. I have never used credit before, I had a great job and made great money and if I needed something I paid cash. I now have 3 major credit cards Visa, Discover and Mastercard plus a Home Depot card. Now being retired at 45 from injuries on the job, my debt to income looks horrific.