Updated over 4 years ago on . Most recent reply
Long Term Hold in Lubbock Texas
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $79,500
Cash invested: $38,000
I just bought my third investment property! Purchase price of 79,500 I am putting in 36k of my own cash and using a personal Line of Credit I secured through a local bank for the rest. It is going to be interest only payments until I can refinance to pay off the principal balance. The property is not in a great area, but cash will cash flow $795 for a year starting on July 1st 2021. This is up to par with the 1% rule that is pretty tough to find right now.
What made you interested in investing in this type of deal?
It will provide 1% rent of purchase price which is hard to find currently in the Lubbock market. I plan on holding long term.
How did you find this deal and how did you negotiate it?
I found this deal on the MLS. It was currently rented out when I bought it and renegotiated so that the current tenants stay another year and pay a rent of $795 a month.
How did you finance this deal?
I financed 36k of cash and the rest was payed via a personal line of credit through a local bank of mine. The payments will be interest only and I will refinance to pay off the principal balance.