All Forum Posts by: Christopher Thompson

Yes purchase price was 46.8k with 5k down and $800 a month in 2019 with zero interest on the remaining value. Agreed to pay for 36 months and pay in full after the 36 months. Renegotiated to continue to pay the $800 until paid in full. He avoided capital gain tax and I bought without interest with a renter covering the cost. So now I will leverage that equity to purchase more properties as I have done in the past.

 I am digging this strategy! Is this something I can deep dive and find in a book to really understand the steps? Best I've ever done is a seller finance deal in March of 2019 at 47k with 5k down with a note at $800 a month 0% interest towards the seller. I am breaking into my 4th year of this and now will own the property free and clear in July 2023. The seller was a coworker whom was ready to be done with rentals and was retiring and moving out of state. I made the ridiculous offer, and to my surprise and suspicious he agreed. I thought surely the property was a lemon. The property is now appraised at 220k. I have also leveraged equity in other properties to buy value add type properties. The strategy that you speak of looks to be a scale up on steroids! I would love to learn more! Thanks

Thank you all! @Tamara that was a hell of a first time flip! Wow. that place looked like it was hit by mortars! Wow Thanks for sharing the photos and inspiration! 

@Nathan it is definitely a killer deal for a first time investment property in Houston! Wish i could get so lucky enough to get few more like that. 

@Cody it is a predominately black demographic area and yes it too is in the cities "Steam roller" path in way of progress!

Investment Info:

Single-family residence buy & hold investment in Houston, San Antonio, Dallas/Ft. Worth.

Purchase price: $46,000
Cash invested: $5,000

SFR in an area being revitalized in the inner city of Houston TX

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

The growth of the area and being able to get into this deal for a minimal amount down!

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

I found this deal from a co worker that had recently retired and was moving out of state! I convinced him to consider an owner finance deal and he agreed. I negotiated a 36 month deal at $800 a month, 0% interests with a ballon payment of the remaining balance at end of the term! I was surprised he accepted the deal.

How did you finance this deal?

Owner Finance

Lessons learned? Challenges?

Ask the right questions and you may receive the right answers!

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

Brian Summers of Remax prestige,
Rene Sorola Properties Group, Ashley Starks
Senior loan officer Tyler Kelly @ Evolve Bank and Trust

Hello all! I am new to the site and definitely looking forward to networking and meeting active investor in Houston, TX Metropolitan area. I haven't been a landlord since 2006 so I maybe a bit rusty in the rules of engagement. I'd wish there was support like this when I started in 1999. Thanks to the creators for such an awesome forum with gobs of information.

Chris