Closed on a duplex

congratulations! that is so awesome! enjoy it!

Way to go!! Nice job on your deal! Looks like another on the way!!

Ryan

What a great deal!!! that is awesome- I am so happy for you!!!
and the other deals right around the corner! You have been busy!!

thanks for sharing with us!

Learning and progressing every day,
Valerie

Do you mind if I ask what the Cap ratio means, and was wondering what did, you pay for the property, how did you aquire the property, OPM or your money and what method you used, if you could share the details that would be cool. Congrads to you on the deal, and the others in he pipeline for sure.

using a PML.
The cap rate is the rate at which your NOI pays back your purchase price annually.
One of my realtors brought us this deal and we negotiated it and signed a contract. After the inspection we re-negotiated it, because of the issues that we found, to include some of the repairs. Contacted our PMLs with the deal and closed on the property. We are almost finished with the minor rehab on the empty unit and should have this unit rented Sec 8 before the end of August for $1100 - $1400 per month. Once the tenant moves out of the other side we will do the same minor repairs and rent it Sec 8.

the purchase price was 80k.

very nicely done. Hope your other ones go as smoothly.

Congratulations on this one and all the other ones you have setup for the future!

What was the duplex's ARV? I thought you were buying it to wholesale. Great deal... keep it up!

an income of 2200-2800 on a purchase of 80k is awesome! Just curious if you always factor in the cap rate on smaller units and why? Im used to hearing of people only factoring in cap rate when dealing with larger commercail units.

I looked at an 8 unit that they said the ARV was $749,000 and you could buy it for $630,000 but it only brought in $6200 per month. Most people would think this is a great buy but when you figure the CR and DCR the deal really wouldn't pay for itself. That's why Caps are so important on cashflow props.

Great job Shaun. Glad to hear about your success. Keep the ball rolling.

Steve.

We have 4 more multi fam units we will be closing on in the next 2 months.

Did the PML require you to put any money in the deal?

Great Job!

How would you pull your money back out if the ARV does not matter? How will you pay back your PML?

up 20% - 40% depending on the PML. You pay your lender back with the cahflow the property brings in every month. I set my loans up interest only with a 2 year balloon at which point we will either refinance or flip the property as a cashflow property.

Congradulations on a job well done. And wish u all the best on ur deals coming soon and many more to come. Thanks for taking action

So do you have any articles on how section 8 works? Also can you do a refinance on a section 8 home?

Great job and congrats! Good point about the ARV/Cap Rate.

Go gettem'!!

OOPS!!

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