2 houses side by side at a discount. How can I acquire both?

2 houses side by side at a discount. How can I acquire both?

Wholesaler/ Investor · Houston, TX · Member since 2014 · 491 posts · 113 votes

Hello everyone,

I've been wholesaling for about a year now and I think I've come across two pretty good deals and would like to really acquire them for myself as rentals.  I'm trying to figure out what the best strategy would be though. I have a seller who is looking to sell both of her properties that sit right next to each other.  She is tired of dealing with tenants and just wants the cash to retire and vacation. 

1st property 2/2 she's asking: 70K

2nd property 2/1 she's asking: 55K

Both properties are basically in perfect condition.  They have been newly remodeled.  

The area has gone and is currently going through gentrification so it's a hot desirable. There are 2 and 3 story town homes going up on the street right behind the properties and selling for 255k. I believe the ARV for both properties are around a conservative $125,000.

I currently have about $29,000 cash.  I have 1 primary residence loan and pretty good credit.

Any help would be great.  I really feel like these properties could help my family and I get closer to financial freedom.

Thank you very much.

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  • Real Estate Broker · Malone, NY · Member since 2013 · 345 posts · 70 votes
    9y
    Would she consider holding a note, or doing a Master Lease option?
  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    9y

    @Benjamin Blackburn why not do a conventional mortgage on each property at 15% down? Then you only need $18,750 + closing costs.  What do you think?

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