2nd Property Under Contract!

[Ryan Young]

Just put my 2nd property under contract! I bought my 1st one back in August and it has been going great.  Here are a some details on this one:

Listing Price: $85,000

Purchase Price: $75,000 

Rehab Cost: $8,000

ARV: $130,000

Rent: $1,200

I am using a Conventional Loan with a 20% down payment.  I brought in a partner on the deal and we are splitting the down payment and rehab costs 50/50.  We will then split the cash flow 50/50 but the equity will be split 60/40 since I am doing all the leg work (found the deal, managing the rehab, etc.).  With the numbers on this property, it still made a lot of sense to split the cash flow as we will be getting around $250/each.  We plan on getting a renter in there ASAP and will refinance in 6 months to get our capital back out + some.  My goal for 2019 is to 5x what I did in 2018 so I am on the right track to purchase 5 properties this year.  Very happy with how this deal turned out.