3 Duplex Package Deal Off Market
Well, it happened. I was making phone calls to off market properties and came across a landlord who was tired of the day to day and ready to vacation. We had multiple conversations over the phone about numbers and goals etc. I first had the deal put together where I would have no money in and she would land contract all 3 over to me for a monthly payment. After a meeting with her accountant and lawyer she decided she wanted to sell one of them traditionally for a lump sum and then contract out the other two. This deal took 3 months to put together with many coffees and goal setting conversations since interest rates rose 1.5% during our conversations. Here is what the final deal looked like.
Purchase All 3 Duplexes (In Immaculate Condition) At Assessed Value
Total Purchase Price: $911,200.00
Purchase Price 1st Duplex: $311,000.00
1st Duplex: 3 bed 1 bath / 3 bed 1 bath unit
20% Down, 6.75% Interest
Current Rents: $2975
Market Rents: $3700
Appraised: $412,000.00
Purchase Price 2nd Duplex: $298,200.00
1st Duplex: 3 bed 1 bath / 1 bed 1 bath unit
0% Down, 5% Interest, 5 Year Term With Option To Renew
Current Rents: $2400
Market Rents: $2825
Estimated Value: $385,000.00
Purchase Price 3rd Duplex: $302,000.00
1st Duplex: 3 bed 1 bath / 1 bed 1 bath unit
0% Down, 5% Interest, 5 Year Term With Option To Renew
Current Rents: $2400
Market Rents: $2825
Estimated Value: $385,000.00
Total Estimated Value Gained On Purchase - $273,600
Room For Rent Increases: $1,575
This was a huge win and an amazing opportunity. I'm so thankful to God and to my team that helped me put this all together. THE DEALS ARE OUT THERE EVEN IN A HARD MARKET.
