My first investment property bought as an investment

[Mike Downing]

Investment Info:

Single-family residence buy & hold investment in Houston.

Purchase price: $635,000
Cash invested: $135,000

Sweetheart deal that I found on Craigslist that is located in one of most premier locations in Houston,Tx. Home was waaaaay out of my league financially, but I ended up pulling it off in the end. While rehabbing this house I started thinking of myself as an actual investor. Started listening to the bigger pockets podcast and realized I had been using the brrr method minus refinance without even knowing it. I honestly at the time thought it was foolish to pull cash out, but that is the way.

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

Great deal, with tons of upside.

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

Craigslist... over the course of 4 months I went back and forth with the owner until he eventually came down to my price.

How did you finance this deal?

30 yr conv

How did you add value to the deal?

House was unlivable... 40k rehab to get rent ready

What was the outcome?

rented before the work was even done for 26 months

Lessons learned? Challenges?

Deals can come from anywhere