Home Runs Still Exist :)

[Account Closed]

Here's a quick outline on a total slam dunk deal that was picked up off market! Wish I could find 100 of these, I'd buy em all!

Investment Info:

3-plex

Purchase price: $25,000
Rehab: $1100- a new screen door, some light fixtures, and drywall in one of the vacant units to conceal some exposed ductwork

At time of purchase, 1 unit occupied @ $650/mo, 2 units vacant. Rehab completed and both units filled within 30 days of takeover! 

Current rents: $2050/month!

Appraised @ $105,000.00

Here's the story. This is an out of state deal, I live in CA and the property is in the Midwest. I've never seen it. This seller approached us through some marketing efforts we'd made. He was elderly and wanted a quick, convenient close at an asking price of $25,000.00, telling us the property was in rent ready condition and well cared for. Not hesitating, we sent him a cash offer for his asking price immediately, sight unseen, figuring there's no way we could lose + we would have our PM inspect during escrow. 

Turns out this thing has had ALL of the following replaced in the last two years: Roof, dual pane windows, copper plumbing, upgraded circuit breakers, 3 furnaces, a central AC unit, and cabinets + floors + paint to all 3 units... THE WORKS. We closed in an instant, filled those units, and are collected ridiculous rents for this price... went to a commercial lender and got a line of credit against this at 70% LTV, and it appraised at $105K!!!

They're still out there everyone. Go get em!