Ohio Hard Money Deal - Active

640

6 deals

No

Cortland

Ohio

$75,000

$10,000

$50,000

$180,000

Taking advantage of high seller's market to sell 5/6 properties, pay off mortgages and renovation loans, refinance 1 investment property into a primary home, and reinvest in a new investment property. New property is 3200+ sq ft duplex, snuggled in between award winning historical home on one side, historic Opera House on the other, and church at the rear of the property. Historical woodwork and hardwood floors are intact, as are other features of the property. My expertise is renovating historical homes (5 of the 6 we have are historicals), keeping the historic feel, while making them convenient for a modern tenant. I also own a remodeling company and custom countertop company, so I can do/contract much of the work myself. I just sold the first property after 4.5 years of renting (at 50% above the normal rent of the neighborhood) for a 19k profit (only 4 days on the market before the offer) and 3k over asking (it was not a distressed property when I bought it). The next one is virtually identical in sq ft and features, except also has a family room and a garage. I bought it for 23k, invested 35k w/ roof to floor remodel, and it sits 2 streets from 1st sale, meaning my 1st sale will be its perfect comp, so it should also sell for 90-92k. Anyway... once this duplex is remodeled, it should rent for 900.00+ per "executive" unit. Cost of property is 75k (value is 100k), remodeling will cost about 50k, and it will appraise for 175-185k. We are cash poor at the moment, thanks to Covid (this first sale pays off a blanket mortgage, leaving the 2nd house clear, but with the sale of the 2nd and 3rd house will have more than enough money to pay off our debt and remodel this duplex (the sale of the 4th house gives us a little operating capital and a savings account). We wholesaled a duplex - 5th property - (did not lose any money on it) which will give us enough money to put 10k down on the new duplex after all closing costs are paid, but it doesn't close for about 45 days. In summary, the new duplex will cost about 125k (75k purchase, 50k remodel), have an appraisal of 175k - 185k, we'll refinance 55k-60k (we'll have enough for another 5k-10k down w/ sale of 4th house) and will have over 1000.00/month in net income (or we can sell and make a nice profit and reinvest it in another property, but we'd rather rent it out)