Had a few people ask me for the final numbers to my recent purchase this week, so here they are:
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$675,000 - Purchase Price
$10,000 - Earnest money deposit
$22,000 - Cash required at closing
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NEGOTIATED TERMS:
$5,000 - Closing Cost Credit
$8,225 - Rehab Credit
$9,000 - April Rent Credit (see video on “having less cash out of pocket at closing”)
$75,000 - Seller Second Mortgage (8% interest only, due in 18 months)
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PROPERTY DETAILS:
$1,100 - Day 1 monthly net cashflow
$1,800 - Net cashflow after rehab, rent increases and cost cutting programs
$5,000 - Rehab budget per unit
$32,000 - Total cash into the deal
40% - Cash on cash return
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Also, a nice little bonus... the property just appraised for $700k, so we have an additional $25k in unplanned equity!
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TAG A FRIEND IN REAL ESTATE👇 ...
