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This is a 3/1.5/1D which has been rented for $800 a month. The landlord is out of town and ready to sell so he does not need to go to the property when there is a vacancy. The seller says it just needs some cosmetic repairs. It is F & C. No seller financing is available.
Will take $38,000 if it closes not later than January 15th.
If it closes after the 15th add $5,000 to the sales price.Websites have the value at $89,000..$75,000…and $74,000.
Really good ROI to pay $38,000 and get $800 a month rent.
If you’re interested in this property, email [email protected]
With Christmas this weekend, I realize it may be difficult to get to the property ASAP. I have the lock box code. We need to get this one sold by the end of the year so it can close by January 15th!!
What to do with it?
With $800 a month rent, this would make a great rental. – Just keep it. (Remember taxes, insurance, maintenance fund and vacancy allocation.)
Or,, after you buy it, you could sell it with seller financing. If you sold it using a Highest Bidder Sale for the Highest Down Payment, you should be able to get about $10,000 to $15,000 down, then $800 a month minus taxes and insurance.
Or, you could spruce it up then resell to a retail buyer for $80,000 – making about $25,000 to $35,000.
Plenty of ways to make money with this one!
If we can get the seller to agree to a Highest Bidder Sale on January 14/15th would anyone be interested in going to Toledo to do the sale on this one? You’d need to be there several days in advance to put up signs. You’d also need to do the things I discuss in the HBS book – like craigslist ads, flyers around town, etc.
If the strike price is $38,000 and split any profit over that, you’d have a good chance of making $10,000 in one weekend. This house is worth $80,000 at least and was rented for $800 a month.
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