Investment Info:
Single-family residence buy & hold investment.
Purchase price: $250,000
Cash invested: $62,500
Brand new build: Appraised at $310,000. at closing the builder financing and buy down of 1% put the 30 year fixed financing at 5.75% investor financing with 20% down.
Rent is at 2300 with Mortgage, taxes and insurance at 1700. No PMI.
Great leasing agent found tenant within 7 days and also acted as purchasing agent.
What made you interested in investing in this type of deal?
Was looking for a new build buy and hold for 3-5 years with no to little CAP-X.
How did you find this deal and how did you negotiate it?
Had a bigger pockets buddy buy at the same time and he flew down to get keys and met the management company by accident. Her style and financial approach as a PM and broker/investor was a great fit for both of us. She started looking for me and found a good deal in builder end of the month incentives.
How did you finance this deal?
The pricing was really good at 65,000 under appraisal and listing price. The builder is also the lender so I put 20% down.
How did you add value to the deal?
I put in a brand new side by side stainless steel refer into the new kitchen.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Had a renter at full price of rental offering at 2300 within a 7 day period. 12 month lease, no kids, no pets. I would recommend working with Lani Stallings in Conroe Texas at https://www.zillow.com/profile/freedomtolive77
