Updated about 13 years ago on . Most recent reply
First Hold! Four plex - FHA203K Rehab Loan Purchase
Just closed today! Another juicy off market deal, this time I couldn't wholesale it. My day job allows me that financing that makes this deal too good to be true.
Property info.
834 A. St. Ramona, CA 92065 3600 sqft four (2/1) units. Rents are currently anywhere from $795 each to $900 one unit is vacant.
Paid $322,300 for it and I'm being loaned $33,000 to rehab it. The two lower units are pretty trashed. One is vacant the other is occupied but I'm getting the tenants out fast in a creative and friendly way so we can rehab both quickly. The top top units are beautiful.
Since it was a FHA loan I will live in one unit. I put $15,000 down I will collect $2500 Monday in rents. If I were not living there it would cash flow around $1300 per month once dialed in so after one year we are looking good. That extra $300 a month in FHA mortgage insurance is hurting me but we will see what we can do about that in a year.
I'm sure this isn't nearly as juicy as those deals in other states but when I look at how little I put down and how quickly I can get my money back out of it after I relocate in a year I'm happy.