29th
March
2008
Good candidate for a quick house flip and rent?
My contractors are all pretty good, so they don’t need me watching over them all day. When I’m not flipping houses, I’m usually looking for the next flip or rental to add to the portfolio. Well, actually I should say when I’m not physically at any of the properties… Of the houses I saw today, this property looks like a decent deal. The asking price was $69,900 and has been reduced to $53,900 in just under a month! The details are as follows:
- Legally zoned for Two Units
- Each unit currently rented for $650/month
- Separate entrances
- Separate meters for Gas and Electric
- Both renters are subsidized by the city
- They are both 2 year tenants
- Needs new roof
- Rat problem
- Possible termite problem
- Needs new flooring
- Needs new deck
- Needs new bathroom fixtures (both units)
- Needs new kitchen sink and fixtures (both units)
- Walls need to be cleaned and painted
posted in Financing, House Flipping, Landlord, Mortgages, Property Acquisition, Real Estate Investing, Renting, Taxes | 2 Comments
