2016 Update - Deal #4
It is essential that you have goals, short term & long term. One of my 2016 short term goals was to have 8 deals completed this year. Achieving our goals can be a challenge & for me the challenge is a bit larger because I am stationed overseas for the US Air Force. Here is my progress so far:
Deal #1 Flip Jan-June ....$15k profit split 50/50 with my JV partner
Deal #2 Apr Bought 2 duplexes via seller financing....paid $18k w/ $5k down on 5yr term of $238/mo. Both duplexes are in need of serious renovations & work is still ongoing. Expect rehab to cost $100k. First unit will be available in about 1 week and estimated to be rented for $600-625/mo. Second Unit of 1st duplex will be available for rent beginning of Sept for $600-625/mo.
Duplex #2 will be put off until Oct/Nov timeframe due to Contractor working on Deal #4. Duplex #2 will be 1 bed/1 bath efficiency apartments. Est. rent of $500-$550/mo.
Deal #3 June Sold current 4plex from Great Falls, Montana to cash out equity and use to buy Deal #4.
Deal #4 Jul Bought 4plex in Dayton, Ohio with cash from 4plex in Montana sale. Having contractor work on and expect all 4 units to rent by end Aug / mid Sept.
Deal #6 Jul/Aug Listed Single Family Home from Great Falls, Montana for sale. Hoping to cashout equity and use cash to purchase multiple rentals.
Deal #7 Jul/Aug Submitted offers on multiple properties listed on MLS and hoping to snag one for a reduced price. Also keeping an eye out for potential flips from Wholesalers or MLS.
I am confident that I will make it to 10 deals this year which exceeds my goal. I am going to try and stretch my cash by focusing on potential seller financing etc. More updates to follow as we progress through the summer.