Latest Deal
Here is may latest deal and I am jazzed! As of last night, I have an accepted offer of $17,500. It is a duplex 3/1 both units, his asking price was $23,000. Currently rents for $400 per unit.
The current owner paid $32,000 for it 4 yrs ago. Just passed city inspection 2 months ago. He is an out of state owner and doesn't want to deal with it anymore.
Improvement since then.
2 new furnaces
2 new hot water heaters
New windows all around
New Roof
2 new Bathrooms.
Upgrade electrical panels.
All new hard wired smoke detectors
All utilities are separate and paid by the tenants
Taxes are $600 per year
The area is not in my usual hunting ground. It's not a war zone, but closer to the war zone then I usually hunt in. I do have to say, this maybe one of the best purchases that I have made to date. Unlike the REO's and HUD's that I buy for under $20,0000 and require $3 to $5K in rehab, this will need nothing right now and comes with fairly good tenants on month to month leases, who are all on flippin SSI.
There is a rough lady next door that manages it for the current owner for $40 per unit per month. I may keep her on the payroll at a lower rate, just to cut the grass, do evictions, so I won't have to lose a days work and to yell at the tenants when they are misbehaving. I will have to see if we can come to an arrangement.
Now I just have to get my funding finalized!!