I've been investing for about 5 years now and I know my name & reputation are out there some but I'm really small time yet. I have always found deals the hard way. So it was a dream come true when my phone rang the other day and somebody said they had heard about me and wanted to let you know that I am selling my house and I'm looking to get what I paid for it 10 years ago, $110k. Easily comps out at $130k-$140k.
I have found much better deals over the years but our market in Fargo, ND is HOT now!
I immediately got over to the house, toured it, and negotiated the terms with the price at $110k. Got a signed contract today and will be closing on Feb 2. Should rent for $1,500 - $1,600/ month. Everything and I mean everything has been replaced in the last ten years, except the beautiful hardwood floors throughout main and upper floor.
Just wanted to maybe provide some motivation to all and I'm too excited to not share!!
Congrats on the purchase of the home! That sounds like a great deal hitting the 1.5% rule. 2% doesn't seem to work in this market right now(seems to be that way across the board in most cases) but getting even the 1% is good by some investors standards. The home needs no repairs? Thats a great deal to find for a move in ready deal.
If you don't mind me asking what were the terms you ended up with? Owner finance at all?
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