Hey all,

I purchased my second duplex in Keene New Hampshire and just wanted to share the final numbers.  BP has such a great motivator and source of information, I can't even begin to explain how much it's meant to me.  I found this deal in late May and finally was able to close in August after a number of issues with the title.  I'm very lucky that I was able to do almost all the work with my parents minus some electrical, tree removal, and putting in a driveway.  I was also fortunate to find some amazing tenants and had leases signed 6-8 weeks before we finished the work on their respective units.  The work took about four months, $52k of the money was my own and the balance was funded by a family loan. 

Listed Price $70,000

Purchase Price $62,000

Rehab costs $23,000

All in costs $85,000

Appraised ARV $168,000

Cash out refi $90,000

Open Equity Line $44,000

Capital position Gain $49,000

Current Equity $34,000

Net Gain $83,000

Unit 1 Rent $1250/month

Unit 2 Rent $750/month

Rent totals $2000/month

Debt payments $870/month

Additional costs: $340/month (vacancy, capex, opex)

Final Cashflow $890/month

Congratulations!

Awesome job @Jason Woodson !  You're doing some great investing in the Monadnock region... keep it up!  

Very nice numbers! Congrats!

Now those are the numbers we should all require!  too many investors settle for less.

Nice Job!

Great job Jason. $70k in May. There were a couple back then in that range in Keene. Nice going.

Now you have a start on the rest of them. I am in jaffrey and would love to grab a coffee with you some time. It's hard to find people in our area sometimes. Even the local reia is over an hour away.

Great job!

Chris

congrats, this is an awesome testimony! Your motivation is motivating me! this is amazing!

Thanks for the New Hampshire motivation! Awesome

Congrats man that's a grand slam deal.

I wish I could find properties with $170K ARV for $62K in my market.

Especially ones that only need $23k rehab and have that type of cash flow!

You mentioned "listed price" so was this deal right off the MLS?

@Jason Woodson AMAZING job, this is what BP is all about!

@Brian Garrett yes this was right off the MLS, had been sitting for a year or so if I remember correctly.

@Chris Luksha I'd love to grab a coffee and chat :)

Good job, congratulations!

Great Job! Keep it up! Can't wait to see the next property

Great job. What rehabs did the place require for that amount. I still can’t tell deal from no deal due to my being unable to estimate rehab costs.

Thanks everyone!!  @James Canoy besides the stuff mentioned, we did about 40% of the floors, tons and tons of paint, some trim work, gutted and redid one bathroom and kitchen, replaced all the appliances, two water heaters, built a small shed for an oil tank, some capping on the roof, just a few spots for wall repairs, poured a walkway, and redid a lot of the plumbing lines (lots of leaks).

Originally posted by @Jason Woodson :

Thanks everyone!!  @James Canoy besides the stuff mentioned, we did about 40% of the floors, tons and tons of paint, some trim work, gutted and redid one bathroom and kitchen, replaced all the appliances, two water heaters, built a small shed for an oil tank, some capping on the roof, just a few spots for wall repairs, poured a walkway, and redid a lot of the plumbing lines (lots of leaks).

Wow. That’s a lot accomplished. I’m in upstate New York which I assume will have similar rehab costs. It makes me think that I’ve been over estimating these costs and missing out on deals. 

I found a 1700 sqft 3 and 2 foreclosure for 45 when I first started which was gutted to the studs. Pessimistic ARV was 170. Foundation, frame, exterior walls, and roof were good. Needed everything else. But I was quoted 55 just labor costs by a contractor and I (lacking experience) estimated that it would cost 50 in materials. That turned it into a bad deal to me.

Maybe I should’ve jumped on it.

Killer deal! Congrats @Jason Woodson !

numbers look amazing. keep going.

Wow those are impressive numbers, well done! 

Well done!