Today, this newbie investor located an all brick, 6 bedroom, 4 bath quad in a good, stable community. Owner's firm price is $150,000 and will not consider owner financing or a wrap. Repairs include replacing wood trim around windows and fascia board, paint, possibly a roof, and covered parking; my contractor says $15-17,000, maximum $20,000. Comps show $200,000+ minimum ARV.
I used the BP analysis, using different scenarios, and each had a positive cash flow. I am seeking private money for my first investment!
Do you know what the current value is of the building? What amount of cash do you have available? Feel free to email me directly with your responses, [email protected]
Hi @Devon Lowery,
I did reach out to Margaret and we spoke about a possible business relationship once she finds a property in the future so I can assist her with financing. Feel free to reach out to me directly via PM or email at [email protected] if you have any projects you are seeking.
@Davon Lowery Fancy you should ask about the quad ... inspection report found asbestos, lead paint and lack of a firewall between the units ... Inspector who has done work for me before said "on a scale of 0-10, I'd rate this one a -2; please do not proceed on this one!" Paperwork is in the process to void contract and return my earnest money!
Several lenders on BP contacted me and I'm keeping my notes from these conversations for future deals!
Have a great weekend!
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