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Updated over 5 years ago on . Most recent reply

Account Closed
  • Lincoln City, OR
0
Votes |
2
Posts

My Boss' Beach Deal (First deal)

Account Closed
  • Lincoln City, OR
Posted

So a quick set of bullet points:

-My boss is selling her manufactured home (de-titled) for 195k cash as is

-The realtor has already provided comparable houses at 245k and will list the house in 2 weeks

-The roof, appliances, and furnace (or water heater) are all under 2 years old

-3/2 1600 sq ft with an office/studio in the 2 car garage that could be easily converted

-The house is 600 feet from the beach, in a nice neighborhood, and within walking distance of a grocery store

-I talk to a property manager tomorrow about rent prices and tenant availability for the area

-I have 30k in credit available with another 18k in assets that can be liquidated for cash

-My credit score is mid 700's


All things considered I'm in a bind with time and cash. This is my first deal that's looking like a good BRRRR opportunity. My day job is a bank teller so I'm fortunate enough to have a wide network of available labor and a discounted interest rate on the refinance. But it's full time so I only get an hour to make calls and hustle. I'm planning to talk to some hard money lenders in the morning to try and find the cash. This feels like a good opportunity and starting point but I'm new and doubtful. If there's any suggestions or advice the pros want to offer I'm all ears. Please let me know what you guys think.

Thanks for reading,

Daniel

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