Diary of a BRRR in Deltona Fl from Ct
I have a 2/2/2 under contract in Deltona Florida. The property was inherited by 3 grandkids who have owned it for a little over a year. The monthly bills were a problem for them as they did not have the money to keep paying the holding cost. I started discussing possibly purchasing from them them about 8 months ago when they were much less motivated.
Fast forward 8 months and I have it under contract and they were willing to hold a note for 100% of the purchase price at 0% int for two years. These folks are friends of the family and we are looking for a win-win.
The title company has the P&S agreement and is performing the title search at this point. I am supposed to receive a prelim settlement statement tomorrow.
The purchase price is $45,000. and needs $10k in rehab to make rent ready. ARV is $85-90k. Rent will be $900-950 mo. I will be using a PM.
This is my first out of state purchase.