I'm super psych'd!!! I just got another single family home on Friday. This one is a beautiful 4/2, 2300 sq ft, 2 car garage, CAC with a 75% finished basement, in an excellent neighborhood.
I found this one after asking my agent to run "below assessed, quick sale, relocation, divorce" buzz words in some of the higher end neighborhoods. It turns out I found a regular sale that was priced 58K lower than FMV by a relocation company.
Next I sent my team in to assess the repair costs. We figured all repairs would cost around 18-20K. This includes garage repair w/ slab & roof, asbestos removal, paint trim and some updates.
After repairs are done, my property manager will market this as an executive rental. This will bring in a higher rent since it is in a beautiful neighborhood. There are homes that cost close to a million dollars on the same block.
Purchase price: 180K
Appraised value 255+
Rental income range $2250-$2500 mo
Monthly cash flow AFTER piti & managment $445-$670
Instant equity after repairs: 55K
I used my HELOC again to purchase and will re-fi when I have my tenants in. I will keep you posted as things progress.
All my best,
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"