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Updated over 8 years ago,

User Stats

190
Posts
76
Votes
Michael Williams
  • Investor
  • Palmetto, GA
76
Votes |
190
Posts

Best Strategy For 3 House Cashflowing Monster

Michael Williams
  • Investor
  • Palmetto, GA
Posted

I've suddenly decided to go ahead and quit the 9-9 job in 30 days and do real estate full-time. It seems as soon as I mentally made that decision deals and opportunities are falling into my lap. Since I am an internet marketer I am helping a friend to market her Big beautiful corner lot house in Lithonia in exchange for access to the MLS. She is a new realtor. I have another friend that has access to hundreds of 90 day lates through her job and is coming onto my team as a partner. My wife has decided to become a realtor to help the business, Jackpot after jackpot. OK got that out of the way.
My wife and I had my "CASH 4 HOUSES" tshirts on at a restaurant Sunday and this guy stopped my wife and ask if she could buy several houses at one time. Jackpot again. Here is the deal.
One house ARV140K - Second house ARV 89K - third house ARV 49K, all free and clear. Owner is sick and can't keep them. Owe $11k back taxes - need $2k for A/C unit in one. No other repairs, tentatively. All have tenants with a total of $2635 per month income, this will go down with resumed tax and insurance payments. Owner wants $150k for all three and is open to any creative financing after he gets at least $50k up front. I already have an idea of several ways I want to approach this deal but I would like to hear some of the seasoned investors ideas so I can better formulate my plan to acquire and hold. Will be signing contract Friday. My credit score is not strong enough to get a hard money loan. Will appreciate all help.