Investment Info:
Single-family residence buy & hold investment in Tomball.
Purchase price: $136,000
Cash invested: $44,000
I was able to assume this loan through an assumption loan. I am currently looking for another property to invest in. This was a great home and in great condition, it has decent cash flow and comes with tons of equity $134K
What made you interested in investing in this type of deal?
The deal was there, I was just assuming the property from someone. It was peer luck, I wasn't looking to invest in property, but after this deal, I am trying to now find properties that I can make a little extra cash flow.
How did you find this deal and how did you negotiate it?
The deal found me.
How did you finance this deal?
I assumed the loan, I was able to qualify somehow.
How did you add value to the deal?
I did not know anything about real estate, I just assumed it as a favor and to see about renting it out. Now I know a little more about analyzing a property, thanks to BiggerPockets! Maybe lighten can hit twice! lol
What was the outcome?
Great rental property, good cash flow, and great equity in the home.
Lessons learned? Challenges?
Know more about analyzing a property, luck will not always work. The challenge I have is what to do next, after listening to your book through audio and listing to tons of podcast, I need to clarify my property type/condition.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, I worked directly with the bank.
