Channelview quick rehab and rent

[Jeff Lee]

Investment Info:

Single-family residence buy & hold investment in Channelview.

Purchase price: $204,500
Cash invested: $5,000

4/2, 2936 SF in Channelview, TX. Originally under contract as a subject-to deal until we found out the owner had some undisclosed liens. Ended up settling those at a traditional closing. Bought at $204,500 with about $5000 invested (paint, minor fix ups) using hard money, ARV $240,000. Not amazing numbers but another one in the bag and some extra equity and modest cash flow.

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

Wholesaler

How did you finance this deal?

Hard money lender

How did you add value to the deal?

Honestly, there was not much to do to fix it up. A little painting, cleaning, some minor handyman projects, and a few appliances.

What was the outcome?

All-in: $209,500
ARV: $240,000
Rents: $2145
Cash flow (proforma after repair/capex, mgmt, vacancy, turnover): $200