All Forum Posts by: Jacob Evans

$700 Cash Flow, Per Month! Owner Financing In Place!

$25,000 adds this deal to your rental portfolio and around $700 per month in cash flow

• Minor fixer/conversion
• Transitioning neighborhood near Kendall Yards
• Vacant

Comps
Google Map
County Info
Video Walkthrough
Previous MLS Listing
Zillow

Property:
Address:2027 W Boone Ave, Spokane, WA 99201
Purchase Price: $194,000
Rehab Costs, est: $2,000 - $5,000
After Repair Value, est: $195,000 - $215,000
Rent, est: $1,700 - $2,000. According to rentometer.com: $977 per month for a 2 bed ($1,954 total for both units)
Cash Flow, est: $650 - $800
Closing Date: Sept 24th, 2018, or sooner

Owner Financing Terms:
Purchase Price: $194,000
Down Payment: $25,000 + sellers closing costs & excise tax (about $4,200, est.)
Principle Balance: $169,000
Interest Rate: 4.5% amortized over 30 years
Balloon Payoff: 7 years
Insurance, est: $150
Property Taxes, est: $185
Principle & Interest Payment (P&I): $856
Total Monthly Payment (PITI): $1,191
Notes:
- There may be additional attorney fees ($300 - $500) at closing for drafting loan documents.
- There will be an additional $200 - $300 to set up a payment account with Allegro Escrow.

Property Stats:
Currently a 4 bed, 2 bath single family home with 3,891 total square feet and a detached 2 car garage. Property was originally a duplex and can can easily be converted back to a duplex.

***NOTE***:
Buyer will need to show satisfactory borrower ability in order to secure owner financing. Credit, down payment and income history will be verified prior to closing.

Exit Strategy
The ideal exit strategy would be to convert back into a duplex and hold onto it as a rental/lease-option until the market peaks and then polish and sell for top dollar!

~ To secure this deal please complete all of your due diligence and deliver or wire $5,000, non-refundable, earnest deposit.~

~ Happy Hunting!

~~~ Contact Tim Ray to view ~~~
509-217-7823
[email protected]

Hey @Kyle Burton , 

I've been investing in Spokane for over a decade now. If you ever want to talk shop, hit me up.

~Happy Hunting

Hey @Ali Olson!

Welcome to REI and BP!

I've been investing in Spokane for over a decade, now. If you ever want to talk shop, hit me up!

~Happy Hunting

Hey @Sean Middleton , 

Welcome to REI! There's a lot to learn, certainly, but getting out and meeting as many people as you can will definitely get you going in the right direction.

I've been investing in Spokane for quite a while - hit me up when you want to talk shop!

~Happy Hunting!

Hey @George J Anderson Jr , 

I've been investing in Spokane for a decade, or so. Hit me up if you ever want to talk shop or grab a cup of coffee!

~Happy Hunting!

Hey @Mike Atkins, 

Sorry, just getting this. But yeah, I'd be up for some shop talk over coffee next time you're in town. Hit me up.

Hey @Mike Atkins, 

I've been investing in Spokane since '07. Hit me up if you ever want to talk shop.

~Happy Hunting! 

Hey @Jon Maroni, 

I've been investing in Spokane since '07. Hit me up if you want to talk shop!

Hey @Jeff Hallenbeck!

I've been investing in Spokane since '07. Hit me up if you want to talk shop! 

Hey @Stacey Marsh,

Hit me up if you'd like to talk shop. I've been investing and wholesaling in Spokane since 07' and would love to find you your next rental property.