First REAL investment deal
Thanks everyone for all the help and info on this site. Today I closed on my first "intentional" investment deal. I am already an accidental landlord (and out of state), and an accidental raw land investor (from a move after my time in the Navy that didn't go as planned). Ran across a good deal on a 4plex with seller financing while looking for a flip project. Building has 4 one bedroom apartments that all need the carpets ripped out, new kitchens and complete paint jobs. Seller wanted 15k down but we agreed on 5k down and I would put in 3k rehab on each unit at the first vacancy. Convinced him I would rather put the down payment directly into the property and mentioned if he did happen to get it back, it would be a completely renovated building. 90k total plus 12k rehab over 4 units and a year or two timeframe, rents out for 400 per unit now. I think with a rehab I can bring this to 420-450 per unit. (2 have car ports). Not exactly 2% but close.
Thanks again for all the motivation!!!!