Lee Torno Rental Deal

 

Lee Torno Rental Deal

ACE PROPERTIES LLC in College Station, TX
Lee Torno with Addy Rios, Al Rios, Lance Torno

College Station, Tx is a college town that due to Covid-19 and expansion at both Texas A&M Universtity plus Blinn College has seen a rapid growth in the student rental housing market. We looked to purchase our first rental property here after the issues of housing this summer were brought to our attention from our Partner Lance. Texas A&M Is currently planning only 40% of all on campus housing this fall to be available in a market in which 90%+ of off campus housing is already under lease. We bought pretty much a ready to go property at a great price because the sellers are trying to move up on a 1031 exchange, motivated to get money quick to complete their exchange the property was slightly under valued and we were able to purchase at less than asking due to our ability to close quickly. We are using CIVIC Financial to fund the deal on an 75/25 rental loan.

Rental Details

Property City: College Station
Purchase Price: $175,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

The rehab system allowed us to teach out partner to review the home for defects in advance so we could narrow down the field and area that we wanted to purchase on a quick turn property (Rental Market is seasonal in College Station 90% of market is under 1 year lease by August 1st). Rental Property Analyzer allowed us to make sure our numbers would work for this property.