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Updated about 7 years ago,
Seeking Partner for My First Deal
I am a newbie investor currently negotiating a deal with a neighbor and if I can get this property under contract I would like a partner to go in on this deal with me to bring capital and experience. I am very eager and have been a student of real estate investing for almost two years now. Reading countless books, listening to endless BP podcasts, and attending multiple investing seminars but have yet to strike a deal. I fear I have gone into analysis paralysis and believe I would benefit tremendously from a partner that could help guide me through my first deal. Below you will find the details of the deal, if you are interested in learning more about this opportunity please PM me.
PROS:
The property is a 2 bd 1 bath in a college town with vacancies that are little to none. The home is in fair condition with hardwood floors throughout. There is a building in the back yard that can be converted into a one bed one bath unit. Current rent is $625 but comparable market rent in the area is $750. Quoted from the seller, "within the past 6 years the property has only been vacant for two months." Take that with a grain of salt if you will.
CONS:
The roof has not been updated in 7 years. There is no central heating or air. There is currently a window unit for A/C and a natural gas wall mount heating unit. There is no laundry room. The washer and dryer currently sit in the kitchen.
The Proposed Offer to Seller:
She currently has the property listed for $74,000; However, comps in the area are around $70,000. The seller currently has a $64,000 existing mortgage on the home. The seller would like to get at least $8,000-$10,000 out of the deal for a down-payment on a land. My proposed offer to seller was to give $8,000 for the keys and then take on the existing mortgage.
If you are interested in partnering with me on this property please PM me so we can discuss terms. If you are not interested and would like to leave some advice on how I can better structure this deal please leave a comment below. Thank you for hearing me out!