Best Purchase yet!!!
Closing on my best deal to date on Monday. We are developing a corner lot right now to build 2 duplexes on. We keep our signs up on current projects with our phone number on it to generate interest and leads. I got a phone call from a man wanting to sell his duplex 500 ft from where we are building!!! He offers to sell it unbelievably low at 46K. So I put him under contract immediately and went to my portfolio lender. We are borrowing 60K total to replace the siding, Windows, doors, and roof. The ARV will come in at 155K. Our total out of pocket cash will be $685.45 to close this deal out!!! We are keeping the current tenants who are sisters and have been tenants there for 20 years. The market rent is $750 per side but we are letting them stay at $500 each for the time being. We will still cash flow $450 per month while we finish up our other projects. Wish I could find 10 more like this!!!
So recap,
$685.45 down
$95K equity at closing
$450 monthly cash flow after withholdings