In Love with house on Lovers Lane

[Andrew Postell]

Investment Info:

Single-family residence buy & hold investment in Ft Worth.

Purchase price: $124,000
Cash invested: $45,000

HUGE home with 5 Bedrooms and 3 baths but inexpensive enough to have it follow the 1% rule when doing the BRRRR method.

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

This property was in my targeted Geographical Area that I invest in. Close on convenient roads, shopping, and schools.

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

I feel that this property had a great lesson. Lovers Lane was a property that was acquired through a wholesaler. The property repairs were somewhat high here and I thought that might discourage others from bidding. So the wholesaler was asked to lower his price. The wholesaler then replied that he could not so I brought up that I don't mind him making his fee but to go back to the seller of the property to ask for them to lower their sales price. The wholesaler then came back with an agreem

How did you finance this deal?

Hard Money and then a Permanent 30 year loan on the REFINANCE step.

How did you add value to the deal?

$45,000 in renovations!

What was the outcome?

Great rental property where I received all of my out of pocket costs back when I refinanced.