Investor · Paradise, TX · Member since 2019 · 15 posts · 0 votes
6y
I've not planned to sell the property I've just rehabed, but the neighbors have watched the rehab and are interested in a buy. I would carry the note. The area is growing at an estimated rate of 5.5%/yr. I could offer to sell the rehab at $210K. I acquired it with my brother (50/50) and have $35K to buy out other interests in the property and I've just put $38K in rehab in it. NOI is 8,570. Its 1678sf. We intend to put all proceeds to future purchases. I've initiated a cash out refi of $146K at 4.78. How do I set up the second property buy?
PP value ~$138K. They've $30K in an existing note. Its a 1317sf with maybe $20K in rehab needed. I have asked them to carry the note. I could offer to make a large down payment at closing to allow them to pay off the existing note & $20k for walking money or for a down on the purchase of my rehab. Thanks in advance for your thoughts