Still finding deals in a hot market

[Aaron Rowzee]

Investment Info:

Single-family residence buy & hold investment in Orange.

Purchase price: $55,000
Cash invested: $15,000

FSBO off of Zillow with 60+ days on the market. The owner, older, was trying to repair his house and sell it after remarrying late in life. Wife already owned a much larger, nicer house a few miles away. I offered cash, a quick close, and my willingness to take the home as-is with no cleanup from the owner for roughly $14k less than his asking price. He took it and ran. Expecting to rent it for $1,250/mo and have approximately $70k total in it after rehab and refinance. With an ARV of $100-105k I'm looking at $30-35k in equity, a LTV of 70% and a RTV of 1.78%.