Hello Fellow Investors,
I just got a great deal under contract and I am wholesaling it for only a $3,500 Assignment fee. The tenant is already living in the property and wants to stay. Currently she is paying $1,000 and is willing to pay more. This is a great opportunity to give the tenant a lease/Option, and have instant cash flow. Additionally, the seller is only requiring a $1,000 deposit for the house. This deal is time sensitive and needs a fast closing. I have not negotiated the terms with tenant so that is open and there is room to work out a great deal. Rental rates in the area are going for as much as $1,200/mo. Just in case you need a scenario on how you can make some CRAZY MONEY on this deal check this out:
You buy the house for $107,800 + my assignment fee ($3500)= $111,300. I recommend doing a 5 year lease option to purchase. The tenant is already paying $1,000/mo. Keep the rent the same. In 5 years the tenant would have paid $60,000. The current value is somewhere around $140,000-$150,000. In Norcross the appreciation rates are somewhere between 5-10% a year. You could be nice and sell the house to the tenant for $150,000 in 5 years, and still make great money. Even if the tenant leaves you have Equity in the property and can make even more money.
5 years later….After 5 years of the tenant paying you monthly rent your investment is down to $51,300. In 5 years when you sell the property for $150,000 YOU MAKE $98,700 and that is a worst case scenario.
Here are the details:
Purchase Price- $107,800
FMV/ARV-$140,000-$150,000
Assignment fee-$3,500
Rehab/hold costs-$0 (You already have the tenant and/or future buyer if you do a lease/option)
Earnest Deposit-$1,000
7 Day Inspection Period.
Property Address-
1876 Sqft
5208 Bluegrass Ct
Norcross 30093
County: Gwinnett
Parcel ID: R6172 097
Norcross 30093
County: Gwinnett
Parcel ID: R6172 097
|
|
Let’s go Folks!
norcrossfastcash4houses 