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Updated about 10 years ago on . Most recent reply
Closing on my second 4-plex today!
Closing on my second 4-plex in Cedar Rapids, IA today! Listed at 144, I picked it up at 135k, with a total loan balance of 127k. The seller is also giving me 1.5k at closing for cosmetic repairs, so I'm only putting 3k down. It has two 2-bedroom units and two 1-bedroom units. It currently has one vacancy. I have some landscaping work to do on it and simultaneously updating the vacant unit (new carpet & linoleum, new paint). The units rent for between 550 and 600 each.
I'm also closing on a flip house today. It's a foreclosure that we picked up for 90k. With tax credits and earnest money, my loan is for 87k. Also got a separate loan for rehab for 12k!
Gotta love other people's money :)
Happy investing to all!
Most Popular Reply
Congradulations @Account Closed ! OPM is a wonderful thing.