Signed Contracts on 2 Rentals with Local Investor
I wanted to share this deal with the group:
I just signed a contract on 2 rental properties for sale with an investor who was living around the corner. I showed him the two homes and he immediately signed contracts and put up the earnest money. He's closing in 2 weeks. Here was the deal:
Investment: $99,900
Appraised Value - $215k
Equity - $115k
Gross Rent: $20,700/Yr - $1,725/mo
Taxes: $6,242/Yr - $520/mo
Insurance: $1,200/Yr - $100/mo
Prop Mgmt: $1,560/Yr - $130/mo
Total Expenses: $9,002/Yr - $750/mo
Cash Flow: $11,698/Yr - $974/mo