All Forum Posts by: Benjamin Fredricks

We just bought this property from the bank and would like to sell it to a local investor in the Memphis area.  Built in 1957 this fixer upper needs some TLC to get rental ready.  If you're a handyman, bring your tools and get it ready to go.  Estimated rents are $550 a month.  Could make a solid section 8 rental as well once repaired.

Visit our website for more photos and to make an offer.  We will consider short-term owner financing.  www.OdellBarnesREO.com

Here is the breakdown:

Purchase Price:  9,999

Repairs / Closing Costs:  $7,500

Total Investment:  17,500

Annual Rent:  6600

- 30% Mgmnt / Vacancy / CapEx / maintenance

- 500 insurance

- 200 taxes

NOI: 3,920

Cash on Cash ROI: 22.40% year 1

Fixer upper in South Carolina needs some TLC.  We recently purchased in a bulk acquistion from a bank and would like to sell it to a local investor with some meat on the bone.   Estimated rent is $800 a month.  Here is the deal breakdown:

Purchase price:  14,000

Repairs / closing costs 10,000

Total cost:  24,000

Annual Rent:  9,600

-30% for CapEx / Vacancy / Mgmnt

- 500 insurance

- 550 taxes

NOI: 5,670

Cash on cash ROI: 23.62% year 1

See more photos and make an offer on our website at www.OdellBarnesREO.com and be sure to check out our other deals around South Carolina and the rest of the country.

Off market deal in St Louis.  We recently purchased this in a bulk acquisition from the bank and are looking to sell to a local investor that is looking to add rentals to their portfolio.  Property needs some work, although we're not aware of the scope of that work at this point.

Estimated rents are $800 - 900 a month.

Acquisition Price:  $15,000

Repairs / Closing Costs:  $15,000

Total Investment:  $30,000

Annual Rent:  9,600

- 30% Maintenance / CapEx / Vacancy / Mgmnt

- 500 Taxes

- 500 Insurance

NOI: $5,720

Cash on Cash ROI: 19.06% in year one

If you're interested in this property and to see more photos, visit our website at www.OdellBarnesREO.com We have several other properties in St Louis available now as well.

Single family fixer upper in Little Rock. We recently purchased this property in a bulk sale from the bank and are looking to sell it to a local investor that would like to add it to their rental portfolio. Estimated after repair value of $80,000 leaves plenty of room to make the repairs and have a profitable rental. Average rents in the area are $880 a month for a 3 bedroom home which would be about a 16% return on investment after, vacancy, CapEx, maintenance, taxes and insurance expenses and putting $10,000 in repairs into the property. Manage it yourself and that number goes up. You can get more information on this property and see all of our inventory on our website at www.OdellBarnesREO.com

Comparable Sales

1915 S. Izard St Little Rock 3/2 1,552 sq ft Built 1930 Sold 3/8/18: 78,500

806 W 19th St Little Rock 2/2 1,000 sq ft Built 1910 Sold 3/2/18 $70,000

1804 Bishop St Little Rock 3/2 1,398 sq ft Built 1935Sold 2/13/18 $86,000

We are one of the largest buyers of bulk REO assets in the country and if you're looking for inventory, we'd like to work with you. Let us know where you're currently buying and check out our website for our current available properties at www.OdellBarnesREO.com You can also email me at [email protected]

Sold as-is, this fixer upper needs some TLC to get rental ready.  We will consider owner financing on this property or a cash offer.  All offers can be made at our website www.OdellBarnesREO.com and all reasonable offers will be considered.  This property will convey via quit claim, but you can do a full closing with your title company if desired at your own expense.

Looking to sell this fixer upper in Montgomery.  It's in good overall shape, just needs cosmetic updates.  Property is being sold as-is and conveyed via quit claim deed.  You can do a full closing at your own expense to get a general warranty deed.  Low taxes and insurance costs will make this one a profitable rental for years to come.

Purchase Price:  $19,900 or best cash offer

Repairs / Updates:  $10,000

Closing Costs:  $1,000

Total Investment:  $30,900

Annual Rent:  $9,600

- 10% vacancy

-10% Management

-10% Repairs & Maintenance

- $300 taxes

- $500 insurance

Annual NOI = $5,920

Cash on Cash Return = 19.15%

We will consider financing the property as well.

Purchase Price: $25,000

Repairs / Updates: $10,000

Down Payment:  $5,000

Closing Costs: $1,000

Total Investment: $16,000

Annual Rent: $9,600

- 10% vacancy

-10% Management

-10% Repairs & Maintenance

- $300 taxes

- $500 insurance

- $2,568 debt service

Annual NOI = $3,352

Cash on Cash Return = 20.95%

You can make a direct cash offer or apply for financing on our website at www.OdellBarnesREO.com

Property needs work to get rental ready.  Looking for a quick cash sale, so make an offer and we can put together a deal.  We buy in bulk so we like to turn them quick. Cosmetic and mechanical updates definitely needed on this property to get it back up to speed.  Sold as-is with no contingencies in contract. Property will be conveyed via quit claim deed but you can choose to do a full closing with your title company at your expense so do your due diligence.   

Property needs work to get rental ready. Cosmetic and mechanical updates needed. Property has a lock box for access and inspection. Sold as-is with no contingencies in contract. Property conveyed via quit claim deed but you can choose to do a full closing with your title company at your expense so do your due diligence. 

Property needs work to get rental ready. Cosmetic and mechanical updates needed. Property has a lock box for access and inspection. Sold as-is with no contingencies in contract. Property conveyed via quit claim deed but you can choose to do a full closing with your title company at your expense so do your due diligence.