Since I can't post PICS here, go ahead and send me an email address or something and I will forward the pics I have. I have pics of the outside. The inside rehab needs are pretty well described below.
Quiet street, residential neighborhood. Oversize 2-car garage. 2 bedrooms and full bath on main floor, 2 bedrooms and full bath in finished basement.
Built in 1963.
This can be a C/D or a simple cash buy... that's up to you.
If you go the C/D route... NO MONTHLY PAYMENTS. In exchange for the down payment, my private money partner will float a note from closing till redemption period ends. Period is up in May.
Down payment: 32k
Redemption amount: 73k
Total purchase price: 105k
Buy and hold rehab needs:
Carpet and paint throughout, kitchen appliances, 1 bathroom, egress window, roof.
Approx rehab costs: ~15k
ARV 130-160 depending on the rehab (normal to NICE, from 15k up to about 40k)
AREA RENTS ARE UP TO $1900 PER MONTH FOR THIS HOUSE AS PER RENTOMETER!!!
Taxes, PM and Insurance ~10% annual rents ea.
@$1900/mo, it will --NET-- cash flow at 15,960/year, and at $120k (purchase plus rehab) that's a 13.3% CAP RATE!!
This place is a buy-and-hold dream... come one, come all, first come first serve!!
Foreclosure redemption.
Since I can't post PICS here, go ahead and send me an email address or something and I will forward the pics I have. I have pics of the outside. The inside rehab needs are pretty well described below.
Quiet street, residential neighborhood. Oversize 2-car garage. 2 bedrooms and full bath on main floor, 2 bedrooms and full bath in finished basement.
Built in 1963.
This can be a C/D or a simple cash buy... that's up to you.
If you go the C/D route... NO MONTHLY PAYMENTS. In exchange for the down payment, my private money partner will float a note from closing till redemption period ends. Period is up in May.
Down payment: 32k
Redemption amount: 73k
Total purchase price: 105k
Buy and hold rehab needs:
Carpet and paint throughout, kitchen appliances, 1 bathroom, egress window, roof.
Approx rehab costs: ~15k
ARV 130-160 depending on the rehab (normal to NICE, from 15k up to about 40k)
AREA RENTS ARE UP TO $1900 PER MONTH FOR THIS HOUSE AS PER RENTOMETER!!!
Taxes, PM and Insurance ~10% annual rents ea.
@$1900/mo, it will --NET-- cash flow at 15,960/year, and at $120k (purchase plus rehab) that's a 13.3% CAP RATE!!
This place is a buy-and-hold dream... come one, come all, first come first serve!!