Why I liked it
Because I literally own the house next door, and this one seemed to come by fate.
My property manager was doing a walk through to prep for rehab and happened to be doing it at the same time as this property’s agent was doing a walk through to prepare to list it and it turned out they knew each other so they sent it straight to me first to see if I’d be interested.
I had a pretty good idea of the ARV since I’d just gotten an appraisal back next door. Plus, my contractor lives next door to that. So if he wants good neighbors and to raise his own property value then he better do a good job!
Deal structure
Hard money loan with the plan to refinance into a non-conventional long-term loan in 3-6 months.
Deal outcome
TBD, undergoing rehab.
Projected Numbers
Purchase: $90,000
Rehab: $30,000
ARV: $155,000
Rent: $1,200-$1,300
Actual numbers
Purchase: $90,000
Rehab: TBD
ARV: TBD
Rent: TBD