Closed on 2 of 3 Duplex's Independence MO

[Brett Goldsmith]

A seller contacted me who had built 3 duplexes on the same street in Independence, MO shortly before the crash. Borrower owed about 135k and property's are worth an est. 90k. 

I have closed on 2 of them and am working on the 3rd one with the bank.

Purchase price for each one was 75k. 

Purchase price for pending unit 65k ( banks value came in lower on this one, but they are giving seller a hard time because he was current on payments and makes good money. All 3 mortgage's had different investors and we were able to complete a ss while borrower was current on the other 2. )

Total Rent collected on each $1,625 and tenants pay utilities. Separate meters. 

One duplex has long standing section 8 tenants and the other has non section 8 tenants.

Any questions, let me know!