Picked up the keys yesterday for 2nd investor house.
Purchase Price $45,000
1845 sq ft ($24 per sq ft)
$4300 New boiler
$4500 Leveling and concrete supports of fireplace side of house
$7200 Minor repairs/Carpet/Paint (high estimate)
$15,000 Total Repairs (high estimate)
$20K-$30K instant equity
$800 mo rent (conservatively)
-$150 mo taxes
-$ 50 mo insurance
-$300 mo (if there had been a mortgage)
$300 mo cash flow
$600 mo without the mortgage
This house was listed on the MLS. There were a number of offers at the same time. My investor won with cash (even with a lowball offer).
My reward: A check for an agreed upon amount, and invaluable experience. (plus $ for rehabbing and "other assistance")
The next one is mine again. Any hard money lenders interested?
"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