Quote:
Originally Posted by bushwacker
Or any other type of creative financing?
|
Technically yes and that would be my primary residence which includes two rentals on same property.
Owner was in financial trouble and facing a foreclosure. I paid them a small sum to sign the mortgage into my name and for moving expenses (under 15k) I then gained the house and two rentals for a mortgage of 769.72 per month. Everything needed work but that was ok. Owner did previously have over 30k in equity in the property so technically I pocketed a little over 15k at signing. I focused on the rentals (5-10k total for both) and had each semi remodeled and rented in under 6 months at 500.00 each. Now I had a positive cash flow before taxes of a little over 230.00 a month.
Have since paid off house, remodeled house and rentals again to much higher standard (well house still needs a new kitchen). Rentals now go for 750.00 and 675.00 each.
Recent appraisal put property well above 275k and would be a lot more if rentals were on foundations which I may do in a year or two.