Just made an offer on two properties side by side from same owner. #1 is a triplex with a $1750 rent roll #2 is a four plex with a $1950 rent roll. Asking price is $180,000 each.
Offer: $180k each 7% down (realtors get 6% of that) balance to be paid at $1,000 per month each, zero interest (principal only) for 167 months. The sellers actually live in one of the triplex units and both buildings are ready to go with zero repairs.
Each property has a small existing first of $60k and $65k respectively that completely pay off in 10 years. So I will be wrapping fixed rate financing with zero percent AITDs and looking at $1750 gross cash flow per month between them both.
Stay Tuned!
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This transaction is a direct result of a realtor taking the time to contact expired listings and resurrect them.
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ReplyDeleteMany Realtors I've contacted aren't willing to apply themselves to 'un-conventional' transactions like this. Did you find him or did he seek you out?
ReplyDeleteI made an offer on one of his listings that didn't work out. I told him that if he wanted to close more deals he should find sellers willing to do what I was offering. I guess I found him.
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