Getting ready to close on an off market duplex!

[Matt Jones]

I have been a little distracted from growing my rental portfolio since I started actively selling real estate last year but I am finally adding some new property to my portfolio!  I reached out to the owner of a duplex within 200 yards of my  quadplex to see if he was interested in selling after I heard that his tenant had been put in jail. To my surprise and excitement he was, we met soon after and then negotiated a purchase over the next week. 

Purchase Price - $50k

*$42,500 cash and seller financing for the remaining $7500( I am trying to keep as much liquid cash as possible for an upcoming flip)

Renovation needed - $15 - 20k

Expected monthly gross rent after completed - $1550

ARV $120k

Timeframe for renovations - 60 days