21d • General discussion
My Newest Acquisition
Hello Everyone,
I just closed on one of my favorite deals and figured I could share with the group. I bought a duplex and Single Family Home as a combo deal. These properties were never listed on the market. The seller gave me a price of 50k for the duplex and 23k for the single family home. I did some due diligence and got them under contract for 55k for both properties. I used a hard money lender with the intent of only putting a mortgage on one of the properties. These lender required a BPO instead of an appraisal, which came back lower than the seller, the sellers realtor, or I expected at $26k for the duplex. So I told the seller the best I could offer was $38k for both properties and after a little hesitation the seller came back and accepted the offer. My contractor is installing floors today in the single family home and when he gets back from his honeymoon should finish the rehab by the first week of December.
The property came with one tenant who is now paying $700 a month (still a little under market rate) and monthly payment on the loan is $200. After the circle of remodels each unit will be paying $825 a month, $2,475 a month.
Let me know if I can answer any questions!
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My Newest Acquisition
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