I went under contract for a house today

6 weeks ago I felt settled in Austin and I wanted to start making money here. I haven't bought a rental in a few years because I was bouncing around locations (Charlotte, then Maui, now Austin) and the market didn't seem very favorable.

I started going to real estate events and talking to local investors with the goal of finding someone who invests like I want to invest - underpriced, bullet proof, single family rentals

Found a guy who is doing it, met a few wholesalers, talked with a bunch of private lenders, started underwriting deals. Today I signed a contractor for one

197k purchase

~30k rehab

320k ARV

2500 rent

should be able to refi out 100%, pay my investor, and cash flow neutral. If I had borrowed 100% (which I could have) then I might have been able to do this with no money out of pocket. Property is in Austin zip code

We shall see how the real numbers shake out, but it feels good to be buying assets again

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The Ascentic

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