I love being a landlord!!
But I need $45K private money for 3 condo’s or a Triplex in the Houston metro area. I will expand to over 20 units in the next 36-48 months.
I plan to refinance a new first mortgage in 12 Months (after seasoning).
All my units will have a positive cash flow after expenses of an absolute minimum of $200.00 a month net or I won’t touch them.
I am a long term investor.
My contacts are motivated sellers who are out of state and tired of being a landlords.
These properties are or will be Section 8 elegible.
I will secure through 2nd mortgage on personal home and/or BMW title.
All numbers are or will be verified prior to loan.
I have 8 years landlord experience and a good track record in California for my own property (no problem tenants).
Fixer do not scare me, I save tons of cash as I have 15 years of handyman experience making money for other landlords including flooring, drywall, plumbing, paint and light electrical. I even have my own flooring tools, all work professionally done, even flooded units.
Houston is a great market and my goal is to make each unit profitable.
Once I know I have the lender lined up, scheduling walk throughs and negotiate offers with these motivated sellers for the highest equity at the lowest possible price will be the next step. I also plan on renting the units prior to closing after the offer is accepted and paperwork processed prior to closing. It’s tough to negotiate for equity if you don’t have prequalification lined up.
Thanks.