I know, I know, it is a corny title but, Jeremy and I are in to the yuletide theme here.
After a marathon dealing day yesterday, and after 5 phone calls later to and from, Jeremy and I had our offer accepted on a 3 family with owner financing and a 5 year balloon payment.Here are the stats. The AV is 64,000 and the purchase price was 45k. Monthly expenses are 678.00 and rents total 1300.00, leaving us with a positive cash flow of $622.00 per month. The inside has been rehabed, but the outside needs siding and replacement window. Roof has got another 10 years.
This was the first deal we went after after Jeremy's mom passed away, so it was a mission for both of us. I know she is proud of her son right now.
After the 3rd set of phone calls yesterday, Jeremy was a texting machine, wanting updates etc. He got so nervous at one point that he went out to shovel driveways and made $135.00 to boot
The seller was playing hard ball through most of the negotiations, but this is the time that I love and I kept telling Jeremy that I was wearing him down and waiting for the right time to go for the kill which happened late Saturday night.
All in all it was a good day for Jeremy and I. We have another deal to go to close and another property making positive cash flow.
We told the DG family we would make you proud and we are doing it one deal at a time. After we close which should be mid January 2010, I will fill you all in on the rest of the deal which gets better thanks to Indiana Joe's CD. Thanks Joe for some very useful info.
MERRY CHRISTMAS AND HAPPY NEW YEAR TO OUR DG FAMILY AND THANKS TO DEAN FOR THE INSPIRATION AND GUIDANCE THAT YOU HAVE GIVEN US
WE WILL MAKE YOU PROUD...JAN AND JEREMY