Bastrop Investment Coming Along
My personal investment strategy has me out in Bastrop most weeks managing a complete remodel of 1.6 acres across 4 lots with a house and 2x mobile homes. It has been quite the ride full of ups and downs.
My investment strategy has changed a few times. At first I was just looking for a property to fix and flip, but quickly realized this one was worth keeping. It has plenty opportunity to cash flow. I was able to buy it in an estate sale for $40,000 below MLS price as the previous buyer had fallen through. Only cash could close this deal as it was in such a state of disrepair, so that meant the sellers were eager to find a buyer and take what they could. I ultimately offered the Realist report tax value of the developed land. They agreed without any drama.
I was able to get a hard money loan from a friend and investor who I have previously done deals with at 9.99% and no points. This required no documentation. This deal was done based on trust, friendship, past experience, proof of integrity and sound understanding of property value versus risk. So my advice to newbies is take care of people and you will reap what you sow!
The 2 mobile homes are now remodeled and currently have AirBnB guests which offsets any monthly costs. Maybe I’ll share the rest of the story in another post, but for now I am focused on getting an RV pad added for an additional $400 a month cash flow, fixing the leaking septic system and finishing out the remodel. I am pretty excited about the design having decided on an extra bedroom and office with a patio between them and rooftop balcony over the bedroom, that may include a hot tub one day also. I’ll post finished pics when it is all complete.