300k w/ 480k ARV Looking to secure repair funds and share in profits.

[Lavaughn Mosley]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $300,000
Cash invested: $35,000

Multi-family property with two SFR homes on parcel. Both are 3 bedroom, 2 bath and 1,200 sq ft. Was an REO property that I bought with private money for 300k. BPO and comps show ARV at 480k based on rental income. Looking to secure renovation money. Repair budget set at 40k or 20k for each house. Full repayment of loan will consist of balloon payment plus 10% net profit of sale. Turn around time expected to be 6-8 months.

What made you interested in investing in this type of deal?

Bank owned property close to university and central housing areas, that provide consistent rental income. More to the point, the numbers support significant profit and ROI.

How did you find this deal and how did you negotiate it?

My network. REO so negotiating was limited to bank terms.

How did you finance this deal?

Private money.