Second 4-plex and a foreclosure!
Good morning everyone! We purchased our first 4-plex in late August and are now set to close on the second 3 week from now! I love 4-plexes, they're my little go-to money-makers. My husband, however, is more into the fixer-uppers... so we're also set to close on a foreclosure on the same day!
It's a little scary to have 2 deals happening at exactly the same time.
"What if one falls through? What if they both fall through? Oh God, what if neither of them fall through?"
But I suppose that's why we do what we do; the reward usually greatly outweighs the risk others see as too large.
Anyway, both properties are in the Cedar Rapids area here in Iowa. The 4-plex was listed for 145, picked it up for 135. We actually got that deal because we walked away when they countered. The foreclosure is in a nice little area with similar properties that typically sell for 135-140. We snagged the foreclosure for 90 (thinking upgrades/rehab will total around 10).
On a side note, has anyone had any experience with the Flat Fee MLS by FSBO? I noticed you can set your own buyer's agent commission percentage. Just wondering if anyone has chosen to go this route. How do those of you that typically flip list/sell your houses? I refuse to use a realtor and pay the 7% that's standard here in Iowa.
We plan to list the foreclosure in early spring along with our current personal residence. At that point, we plan to find a duplex/4-plex that we can move into.
Happy investing!!