Three properties I found already include the following:
- A mobile home park for $60,000. Granted, it only has three MH's (which are included in the purchase price), but the rents equate to almost $1,000/mo. I sent the listing broker an email over the weekend, asking for more info. If I can get the seller to take back some/all of the financing, I could possibly CF a few $100's each month on it. A lot of if's for this one, and I still need to run hard numbers.
- Fourplex for $120,000. Completely renovated and new everything, almost. The proforma shows an NOI of >$15k/yr, with a pretax CF of $7k/yr (based on their hypothetical financing model). I emailed the listing agent on this one as well, and asked about owner financing (which the ad says the owner is willing to do).
- 8-unit Apartment Complex for $180,000. Lots of upgrades recently as well. Currently 100% occpied with a monthly gross rent of $2600. Again, I emailed the listing agent about owner financing. Plus, I still ened to run hard numbers on it.
So some opporunities for decent CF on these three. I figure the three together could provide approximately $1,000/mo. CF, but, again, I need to run some serious calculations on them. If the owners are flexible then I won't have to worry about qualifying for a conventional loan, either, which will definately help.
2 comments:
What metro areas have you been looking in?
As you noted, many investors from bubbly markets were looking for deals in TX. I find it somewhat amusing that you are now looking elsewhere.
What metro areas have you been looking in?
The entire state of West Virginia. As I said, not what most investors would think of as a gold mine of opportunity. But having lived in various locations in the state the majority of my life, I not only understand the geography, the economy, and demographics, but I can also relate to people on a personal level.
As you noted, many investors from bubbly markets were looking for deals in TX. I find it somewhat amusing that you are now looking elsewhere.
My main focus is still here in Texas, but the market has already started its upward trend. Two years ago when I first started REI is when investors should have gotten in here. Prices were stagnant, appreciation was stagnant, and it was a buyer's market. Now, all you read about in the local papers is the local real estate market and how it's a hot area, etc. There are still deals to be had - (especially in the specific area I concentrate on) - but I figure in the next 1-2 years, this area will become the next Florida, Nevada, Arizona, or maybe even California.
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