Oh crap... they didnt counter

[Brandi N.]

OK - here we go...

Was an assisted living facility (my great aunt died there last year :(

The corporation had it listed for $249k - trying to sell it as an assisted living facility shell.

Reduced the listing price to $149k.

I offer $139k this morning. Accepted in a hurry.

It is a 3200 sq ft 3br/3ba that is on .611 acres

Damn - they didnt counter - that pisses me off

10 day option in effect tomorrow around noon.

9am inspection

10am subs show up for bids on closing in 2 car garage for master on one side, divide electrical, full kitchen construction on the other side and upgrade bathrooms

Duplex in the making

Here is the question:

Resale/Lease Purchase Option/Subject to

OR

Rent???

Resale as 2 separate properties gives off $10k each

Rental - Cash ROI = 12%; Total ROI = 18%

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This is the first in a series of investments for this year. Would like to flip 4 properties and acquire 4 properties.

Any outside perspective is very appreciated - Thanks!

[Tod R.]

Hey Brandi, if you create a duplex to sell separately, you will have to subdivide the property which could take a few months(assuming its currently one platted lot). If you're in the city limits or etj, they are going to inspect your rehab, require you to go through city council for approval of subdivision. If all this is the case, this is significant cost and time.