OfflineOk so I have 2 more properties under contract. I found the seller through the tax records. He is a absentee owner and desperately want to sell it. Now all I need to do is find a buyer. I've been posting for sale ads online and street signs.
1st property: Griffin,Ga
Asking Price: $ 9,750
Repairs: $10,000
Property Type: SFR 2bd/1ba
Year built: 1920
Garage: Driveway
Cooling: Central
POTENTIAL PROFIT: Paid off in 3 years.
Total asking price: $ 9,750 Your purchase price
Income per month $550 Average market rent
Gross rental income within the 3 years $19,800 From monthly payments
within the 3 years
Annual net income $5,280 This is after calculating 20% for expenses
2nd property: Griffin,Ga
Asking Price: $ 9,750
Repairs: $10,000
Property Type: SFR 3bd/1ba
Year built: 1920
Garage: Driveway
Cooling: Central
POTENTIAL PROFIT: Paid off in 3 years or less
Total asking price: $ 9,750 Your purchase price
Income per month $550 Average market rent
Gross rental income within the 3 years $19,800 From monthly payments
within the 3 years
Annual net income $5,280 This is after calculating 20% for expenses
Congrats on getting the properties under contract!
One important point that you are not showing is the ARV of the properties.
Are you using CL to advertise?
Good luck!
Karen
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ARV was also the first thing I was looking for. Good luck to you!
Lenee
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We do the same model. Free and clear in three..Feels great right..Great job..
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Great job on getting these properties under contract, now you should create a postlets to server these deals to your buyers on a nice organized templet. Also you would need to provide the ARV and some more info. Call for rent ads on Craigslist to find buyers. Good luck
Reynold Orozco
Great job Melissa!
And These properties are in Georgia? I never knew they were so affordable.....
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Thank you everyone! The ARV for each property is 35K. They are both next to each other so that's a good thing.
I have post on CL and poslet as well. I sent letter to cash buyers in the area as well. I did call a for rent ad and send them these informations. Yes, these properties are in Ga and they are very affordable. Thanks for cheering me on everyone. I am on my way to look at another property in Lithonia,Ga. Wish me luck!
Melissa
Thank you everyone! The ARV for each property is 35K. They are both next to each other so that's a good thing.
I have post on CL and poslet as well. I sent letter to cash buyers in the area as well. I did call a for rent ad and send them these informations. Yes, these properties are in Ga and they are very affordable. Thanks for cheering me on everyone. I am on my way to look at another property in Lithonia,Ga. Wish me luck!
Melissa
you may want to look for a private money lender to have on your team. IF you can't wholesale a great deal like this one, you could partner with someone to fix them, get a tenant and property manager in place, and then sell them as turnkey properties to to other investors...
Also, go to rei club meetings in your area, and advertise there
Valerie
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