Does this sound like a good investment
I recently started working with my brother, he has majority of the cash but works as a contractor leaving me to do the leg work. I have the opportunity to close on a deal next week I have a gut feeling that it's a good deal.
2 houses in two (not so great areas in town)
House #1 (3 bedroom 1 bath)
Asking Price $34K
Current tenants that are good screened and pay $700/month
This house is an older home may need repairs but none immediately.
House #2 (2 bedroom 1 bath) on a large lot
Asking Price $37
Older home as well it's a smaller 2 bedroom that may need about 1K to finish and make really nice, rehab is about 80%
I think this can rent for $550-$650 / month
I can have both houses for $65K
Because they are older homes it will be hard to finance them or sell them. Rental income is great but would be loosing the cold hard cash... I have 83K available to invest and was thinking of going to the court house to purchase a foreclosure home rehab and flip. I know it's not that easy as you see on TLC but that was that was the plan until this deal came around.