first SFR but second rental property. I found the house after mailing about 450 yellow letters.
House 1800 sq ft 3\2 built in 2005, brick hardy plank, tiled, rent ready with a tenant month to month. Needs a few small repairs less than $1000 total. My calculated Arv 130,000 appraised at $129,000.
Owner just wanted to sell for what he owed... He actually paid 316 at closing. I purchases for $108,000 plus all closing costs. He gave me time to finance too. 20% down 4.625 fixed 30year.
Market rent is $1300 but current tenant is only paying $1100 until may.
Will start off with a $350 per month cash flow and hopefully closer to $500 when we get the next tenant in.
Just thought I'd share. We are ready for the next house...hopefully more of a rehab project next time.
Congrats! Hope it is the beginning of many many more!
Great work, congratulations!
There we go! Gotta love this business!
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