About 4 years ago my husband and I decided to buy a duplex. We couldn't figure out how to get that second property. Then I saw Dean, ordered the RBBP, and told my husband I would tell him how much it cost once we made it back. We have 2 more single family homes we are currently fixing up to rent out. We bought the first for $45k with an ARV of around $104K. The 2nd we paid cash of $39K, with an ARV of around $112K. We would like to rent both of these out for around $925/month. I have had some advice to flip them, but my mind is stuck in the "why didn't anybody buy them at the cheap price I bought them for?"
When we are done rehabbing the first property, we should have close to $20K into it. If I found someone to buy it for $77K, I guess it would be hard to pass up. The 2nd "duck" I call it, is great. New siding, roof, windows, landscaping. I only need to put new kitchen cabinets and appliances in, carpet and paint. I'm figuring $10K to fix this one up. I could let this one go for $85K, but I think I would rather have some cash flow from rent of $925/month.
I am currently looking to refinance with cash out or take a home equity loan out. I would like to get all of the money back that I put into it, like Rina. Plus $8K profit per property, like Matt Larson. Though I'm sure he makes more than that per property these days!
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