Just Closed On Rental #14 Today--A MLS Listed Property

[John Thedford]

Who says there are no deals on the MLS? Yes, they are few and far between, but keep in mind deals are made by making offers. This property was listed for 165K. Had the owners taken care of it the property would sell for around 185K. Well, they fully neglected it. It needs flooring (some rooms were partially floored and the rest was cement, it needed paint interior and exterior, and had lots of items that went to the curb (including a spinet piano). They got an offer over 150K sight unseen, but after inspection pulled out of the deal. I came in with an offer substantially lower, and the sellers took it. I borrowed 100K from another free and clear property, and took a 30K 1st from a private lender leaving me out of pocket under 6K. I need paint, flooring, and maybe a roof (depending on if the insurance company will let it fly). Either way, I got about 30K FREE equity. I ended up paying 138K plus got 4K rebated towards a new roof. This is not a home run, but certainly a double and it will well in my portfolio.