First BRRRR deal in houston, TX

[Long Dinh]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $80,000
Cash invested: $40,000

My first BRRR deal.
I broke even and cash out refi for 120k.
4.8% for 30 years at $636 for principle and interest
I consider that a success.
Property is currently rented out for 1350/month.

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

I heard brandon turner talked about college fund for his child.
I just had a little one and wanted to save for her future.

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

It was my mother-in-law's house.
She wanted to move to a smaller place so I told her I'll buy the property.

How did you finance this deal?

Owner financing 1000/month for 7 years.

How did you add value to the deal?

I spend 40,000 on repairing the property.
All tile flooring
Paint exterior and interior
Remodel both bathrooms
Leveling subfloor
Changing out to pex piping

What was the outcome?

Rented out to tenant for 1300/month
4.8% for 30 years at $636 for principle and interest
I'll be cashflowing after I pay off the owner financing in 7 years.

Lessons learned? Challenges?

Don't buy a property unless it has a slab.
Older houses have extensive repairs.