House near Houston purchased for $45k

House in Houston, bought by my 26 yr. old friend in Cali

My friend from LA just bought this home, I have many others like this with similar numbers if you’re interested in building a similar portfolio.

1st St., Livingston, TX

Purchase Price:$45,000

Gross Monthly rents:$975

Neighborhood Demographics:https://en.wikipedia.org/wiki/Livingston,_Texas#Demographics

Tenant Profile:Married couple with 1 child. Wife is bank teller and husband is a local truck driver.

Fees to Prop managers:100% of 1st months rent for rehab management of $5,000 tenant acquisition & screening and 8% of gross rents.

Purchase: Cash

Refi loan & terms: Refi based on appraised value. Take a loan for 75% of the appraised value.

Refi rules say that the refi can only be based on purchase price within the 1st 6 months of ownership.

Appraiser or BPO Value: About $80k before renovations.

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