First house under contract from direct mail campaign (BRRRR)!
The day has finally come!
After sending 1000 mailers/month since late November and talking to many tire kickers and unmotivated sellers I finally have my first property under contract from direct mail! This will be a BRRRR property (I think I got the number of R's correct) to add to our buy and hold portfolio.
The seller lives 6 hours away and was tired of being a landlord. After many phone conversations and LISTENING TO HER PROBLEMS I approached the deal from the perspective of how we could solve them for her - and she told me that it was a breath of fresh air speaking to someone who actually CARED (she has received tons of letters)...and more importantly CALLED HER BACK. Ultimately she just wanted to pay off a 35k equity line she has out on the property and walk away with a little cash for herself.
The house is in a solid blue collar rental neighborhood in Charlotte, NC.
For the purchase and renovations we will be paying all cash, then refinancing out to rinse and repeat.
2/1 built in 1983 and sits on a concrete slab.
Purchase price: 45k
Renovations: 8-10k
ARV: 85k
Market rent: $850/mo