Couple of Duplexes near St Cloud Minnesota

[Dominic Ruegemer]

Hello Folks, I have a situation for you. I kindly ask for any input from especially those of you who are experienced in the area.

About 7 month ago I stumbled upon 4 boarded up duplexes all in a row just wanting sometime to get them up and running again. I took an immediate interest and decided to look up the owner. After getting to know her and the situation of the duplexes I asked if she would like to sell and finance the deal.

Finally now, after months of working the deal, we will be buying them for 24k down and 2,000/month for four years with a balloon of 286,000 at the end. Also we have the option of paying them off sooner. They need a bit of work, a contractor gave me a rough estimate of 25k each four a worst case senario after walking through them, but we hope to get them in desirable condition within four months and each unit rented for at least 800/month plus utilities.

Our plan for the rehab is to take the building that requires the least amount of work and get it fixed up and rented before moving onto the next.

Any thoughts?

Much thanks in advance,

Dom