Hi Bigger Pockets! My name is Kellie Holly-Wood. Yes, I know the name is awesome! The story behind it is even better.
I currently work as a Border Patrol Agent in Blythe, California. Blythe is a remote, rural city in southeastern California. The nice thing about Blythe is that it is centrally located to many big cities, including Phoenix, Las Vegas, Palm Springs, Los Angeles, San Diego, Yuma and Lake Havasu. I also own a dance studio with my wife in town. Although I help her at the studio, she mostly runs it. Before this job, I worked in a family owned carpet store. I am very familiar with working with spec builders. I would spec, quote and subcontract installers for tile, counters, carpet and other finishing touches. I have also owned two primary residence, but never done anything else in real estate, until now.
I am currently in escrow on an owner financed 4-unit property that needs major rehab and I plan on fixing and holding as rentals.
I really want to do something in life that I enjoy and that doesn't feel like work. That's why I decided to start my dream of a real estate business and financial freedom!
Welcome aboard Kellie. It sounds like you have a good background for getting into real estate. What are the details on the 4-plex you are buying? Terms on the seller finance?
We're glad you've joined us!
Kellie, welcome to the site! I was wondering if you would mind sharing with us, how and/or where you found your 4plex and how you worked out the deal with the owner financing. Was this advertised as owner financing or did you work out the deal etc?
The units are 1bd/1ba. Purchase price of $80,000 with 10% down at 7% interest. Two of the units are currently rented at $450 and $550. I will be renovating the other two units and will be renting them for $550..
The deal was brought to me by a real estate agent. She knew that I was interested in finding an owner financed multi-family property.
$20k a door is a good deal. Turnover can be kind of high in one bedroom units. You should be able to mitigate that somewhat during your qualification process, by picking historically stable tenents. Add to this seller financing, with just 10% down, and this does sound like a very good deal. Good job so far!
Thank you! @Jon Klaus
@Kellie Holly-Wood , welcome to BP and congratulations on your investment. Sounds like a promising deal and one you can use for years to come.
We are just about to close on a rehab in Blythe by end of this year and headed out tomorrow to look at a few more. Blythe is a great little small town - but I am very grateful you have a Starbucks!
I just left the law enforcement industry to focus on real estate investing full time. That "world" definitely helped prepare me for this one.
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