Huge Shoutout to my BP Colleagues that helped with my latest deal
I wanted to give some details of my latest deal for everyone.
I found a FSBO ad on zillow on a duplex in a great part of Cleveland for about 45% of market value. I asked my Aussie real estate agent @Federico Gutierrez to check it out for me. We met yesterday at the property and found a solid duplex in great shape that only needed minor cosmetic upgrades. The down unit is vacant and the upstairs has a tenant that has lived in the unit for 8 years. She has acted as the pseudo property manager because the previous landlord was pretty absent so she has handled a lot of her own repairs, mows the grass, shovels snow, etc. Upon checking out the attic space, we realized it had already been framed out and could easily be converted to a 1-bed, 1-bath third unit.
We went back to the office and Federico and I worked with @James Wise to put the offer together and get it submitted to the owner. We had the deal done last night for a cash offer to close in 10 days.
Understanding the value of using other people's money to leverage your position, I didn't want to drain my account with the cash purchase and rehab costs so I contacted @Sean Richway with Coronado Bay Capital who is going to fund the project and get it done by the 10-day timeline.
I highly recommend these three guys, and couldn't have made this deal come together so quickly and easily in such a short period of time without their help... and of course, all of these relationships happened here at BiggerPockets so thanks to @Joshua Dorkin for this awesome site and @Brandon Turner, who's book "The Book on Investing in Real Estate with No or Low Money Down" is what introduced me to BP and the creative way to make deals happen.
At the end of the day, I'm looking at a 71.8% COC ROI. Cheers Guys!