Air Pad IAH - crash pad for Airline Crew

[Victor D. Pozzo]

Investment Info:

Single-family residence other investment in Houston.

Purchase price: $222,000
Cash invested: $75,000

I have a 5/3.5 single family home I turned into a bunk house for Flight Attendants and Pilots in IAH

I have very little knowledge and I'm still learning as I go. I've been doing it for about 3 years now and I'm addicted. It's hard work but very rewarding. I'm looking to acquire some BRRRR properties I can house hack into more crash pad for traveling nurses.

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

My gut feeling and a need to invest.

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

Found a realtor and honestly took the biggest gamble of my life... ran with it and didn’t look back.

How did you finance this deal?

FHA with 3.5% down

How did you add value to the deal?

Bought it from someone in the airline industry which try to do the same but it didn’t work out for them... and I also paid $8k more than asking.

What was the outcome?

Still have the property and it’s paying for itself.

Lessons learned? Challenges?

I was clueless about the amount of time I needed to put into it and I guess the some of the tenants can be challenging.

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

Yes I work with an agent and 2 brokers... first failed me and almost lost the deal.

Second broker made it happen in 10 days and I was able to close on the property without a hitch.