FINALLY closed today on first house found for my investor in August!
Purchase Price $26,900
3+ bdrm/1 bath
1316 sq ft ($20 per sq ft)
Plus a bonus lot!
5662 sq ft lot
newer 2-car garage
Will need some rehab ($15K-$20K my estimate)
$34,000 instant equity
$750 mo rent
-$125 mo taxes
-$ 50 mo insurance?
-$170 mo (if there had been a mortgage)
$405 mo cash flow
$575 mo without the mortgage
(____, do you agree with the numbers? PM me, if not)
This house was on the MLS. I called my realtor as soon as it came across my e-mail. We first tried to do and/or assigns but the bank would not accept it (REO), so we had to go a different route. There have been numerous setbacks and title issues (lots of human error in the system) but it finally closed. The other house we have in the works also is having a bunch of title issues. I’m not sure if this is just common in our area, but it seems pretty prevalent. With patience, though, they pay off. I have learned a lot from these transactions, as the investor is out west and has been teaching me from his experiences, as well.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249