aaronbuyshouses
07-27-2007, 02:57 AM
I have found a duplex, which will rent for $1,000-1,100/mo (per side). I think I can get this under contract for about $130,000, and will require about 15-20k worth of work on top of that. There is one current tenant who will remain while we fix up one side, we will move her to the renovated section and then rehab the other.
Bottom line though, is that I want to try to get into this property, and rehab for as little cash as possible. Not that I dont have it, I just dont want to use it. As you can see, with the above numbers, this property will cash flow nicely. Taxes and Insurance will run about 300/mo. All utilities are payed by the tenants.
So again, the issue I have is how to structure this deal to get in with as little dollars as possible, and do the repairs with as little money out of pocket. I plan on keeping this property long-term.
Any suggestions?
Bottom line though, is that I want to try to get into this property, and rehab for as little cash as possible. Not that I dont have it, I just dont want to use it. As you can see, with the above numbers, this property will cash flow nicely. Taxes and Insurance will run about 300/mo. All utilities are payed by the tenants.
So again, the issue I have is how to structure this deal to get in with as little dollars as possible, and do the repairs with as little money out of pocket. I plan on keeping this property long-term.
Any suggestions?