First Done Deal...looking For The Next.
I bought a single family house that appraises at 62K...paid 40K. Rents for $125 a week....needs no work at all. Already has a renter that's been there a year and a half and is prepared to stay indefinitely.
Not a super great deal, but my feet are now officially WET!!
Hey, you' should be cash-flow positive, and you have equity. Congratulations. I'd say it's a super deal. Great job!!
Jeff
Good work! Don't rest for too long!
Great deal !!! Tell us how you found it and how you financed it. Was it zero down? Did you get cash at closing?
Good LUCK and Thank You
Hope this helps some
Ted Jr
Quote:
On 2004-01-25 09:33, Tedjr wrote:
Great deal !!! Tell us how you found it and how you financed it. Was it zero down? Did you get cash at closing?
Good LUCK and Thank You
Hope this helps some
Ted Jr
Hi Ted and All,
Thanks for the encouragement. It was a zero down deal that I found by just getting out looking. The bank finances 80% of ARV, so that covers the cost. I had seen the property listed as a FC. I stopped by and asked the tenant if the house was for sale. He said he thought so. I went to see the owner. He showed me a recent appraisal of 60K, and asked 45K. I offered 40K and he accepted. The house stood up to much scrutiny and inspection, and the deal was done. I missed out on the cash back at closing deal, because I wasn't clear on the concept. I mean this is money that has to be paid back, right?? Like a HELOC. Am I right or wrong, Ted??
School me on this, for next time.
And I'm heading out right now looking for the next one. Actually I already have an offer in on a house that appraises for 90K, and I'm offering 65K. A FC with very little work needed. Cross your fingers.
Great job, keep it up. Hopefully your luck snowballs.