No such things as no money down?

Question

My partner and I just purchased (closed today!) a duplex in Pittsburgh with 100% seller financing, the only thing we paid for was closing costs ($965 each) not too bad. Our plans are to rehab once the tenants move out and then eventually sell for a nice profit.

Goes to show even if you get a good deal you probably still need some money!

Josh Caldwell · Answer

Decent deal and Bridgeville is a nice part of town. I have one suggestion for the future. When a house needs rehab, i make my offer with differed payments until the house is up and performing. A lot of times when the seller just wants out, they will agree to this request.

To your success

Josh

To your success

Josh

Christopher Telles · Answer

Outstanding!

Will the deal cash flow with 100% financing?

Sharad M. · Answer

Hi @Ian Hoover

Congrats!

Do you mind sharing the numbers on the deal? Was this a MLS deal? If you got a no money down deal on a MLS Property, the chances are either the seller was extremely motivated or the property isn't in a very desirable area.

Princeton Washington · Answer

Awesome cheers to your success!

Ian Hoover · Answer

Considering I put less then 1k into this property my return on investment is goino to be insane until I decide to do the rehab.

Once we get the tenants out and do the rehab there will be 40-60k in equity.

Brian Gibbons · Answer

I agree with Josh, your job is not to break even, your job is to profit, so work out a win win so that you can profit

Ian Hoover · Answer

@Jeremy Pace

We hope so! I will keep you updated we probably can't rehab for a few months.

Jeremy Pace · Answer

@Ian Hoover

sounds like you found a good one, I'm interested in future updates on the renovation, too.

Jennifer S. · Answer

Sweeet!!! These are the type of deals I love to hear about, because I've been told by realtors that situations like this are impossible. Good job proving that you CAN! :)

Lawrence Ferguson · Answer

Great find. What part of the city, if you don't mind me asking?

No such things as no money down?

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