Amazing how fast things move!! here are the spec's:
Owned financed rehabbed home: $29,000 @ 10%
My monthly payment(due 1Mar): $425
Local rental rate: $500-550
Will refi. day after closing: $39,000 @ 5.25-6%
New monthly payments(hopefully before Mar 1): $350 (give or take a few)
Isn't that awesome!! I know I had to use some of my own, but I am perfectly fine with that. It gets me in the door, and this investor is buying houses for pennies on the dollar, so I am hopefully building a good repoir with him as an honest, legitamate business owner! On another note: (This is so exciting!)
I happen to be moving to Fayetteville, NcC mid March to start SF training. Well my wife and I swung by there for two days at the begining of Jan. I was looking for a rehabber (not to much work as the wife will be living there with the son!) that I could flip in about two years so sale of rental. Well while looking we came across a nice little house that sat infront of a pond. I had a realtor do some digging and come to find out its a woman not even in the city anymore. Well I write her a nice little email, describing my interest in the house. Well she writes back she has 49.19 acres for sale and will not divide the house from the land. I called another Realtor whom is very investor friendly, and describe the problem. Well low and behold the 49.19 acres is in the "path of progress" for Fayetteville. And shortly down the road theres a family thats planning on developing 500 Acres commercial shopping center!! Well she is asking about 16,060 per acre. Ummm....... can anyone see the HUGE potential profit in this!! HAHAHaA. Have schedualed a meeting with the lady along with her sons via confrence call, and try and work out something so that myself and Realtor friend have exclusive rights to sale and we will see from there!!
Isn't God good!!?? I am amazed at how just by getting out there and being outgoing, it has led to these great potentials!! Well hope all of you on Deans site are having a wonderful time like I am!! Gotta go, have barely been able to sleep the past few days!!
Proudly serving God, You, and Country,
"The greatest mistake you can make in life is to be continually fearing you will make one."