Investment Info:
Single-family residence buy & hold investment.
Purchase price: $202,000
Cash invested: $75,000
For my first investment I renovated it for 5 months. I only had one month to sell it before my hard money loan expired. I found that some people will only share enough information for them to get paid. I thank God for my 20 years of experience in real estate
What made you interested in investing in this type of deal?
It was not my plan. I wanted to fix and flip. I had to do what worked at the time.
How did you find this deal and how did you negotiate it?
searching as a realtor
How did you finance this deal?
DSCR
How did you add value to the deal?
It was quite extensive, all new electrical, hvac, plumbing as well as foundation, painting, floors and yardwork and demo of shed. It turned out great
What was the outcome?
Beautiful apprasial $330,000 refi and mid-term rental. It was the perfect solution for this home considering it's location only a few miles from the University of Houston, Texas Southern Univ., VA hospital, Texas Medical Center, Downtown Houston, Toyota Center, Reliant Stadium as well as Hwy 45, 59, 288 and 610.
Lessons learned? Challenges?
Listen but verify. Do your own research from multiple sources.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a realtor so Ii used a lot of my training or else I would have been in a fix. My loan officer Chris was great.
