Wow, Charlie is on Fire. That is 17 doors in the last year with owner financing. Who said you cant find them in this market? Charlie just 0% Seller Financing with only 10% down. (See Email Below) Wow!!! Awesome job. He is also looking for a JV Partner or Private Lender. If you are interested in partnering or lending on this deal, send me an email or private message. But you better act fast, the last deal of Charlies had 3 partners in less than 1 hour!!! Great Job again Charlie. Way to keep that snowball rolling. #mentor #coach #realestate #realwealth #chris #mcclatchey ---------- Forwarded message ---------- From: Charlie Hoffhine Date: Tue, Jul 1, 2014 at 9:30 PM Subject: Another Multi-Family in Melbourne To: Chris J. McClatchey Cc: Steven Goldhersz , steve@myrealwealth Hey Chris, I have another property under contract in Melbourne, FL and looking for an equity partner or loan from Real Wealth Lending. That is 17 doors since Jan 29th. Watch out Mr. Goldhersz..... :-) Its a duplex right off US 1 less than 1 block from the Indian River. It has a newer roof but will need almost a full rehab on inside. Seller has agreed to 0% interest for 84 months(Yay!) with 10% down..... sound familiar? For a 50% equity stake, I will need $27k..... Purchase price is $68,900. $7k Down payment $19k Rehab estimate (could be less) $1200 Closing costs SFH in that neighborhood are selling between $80k-$100k right now. Balloon payment in 85 months will be $28,300. I will property manage for free until monthly cash flow gets above $550/month. Right now monthly cash flow is projected at $500/month ($250 each with equity partner which is an 11% return) with first payment not due till October 2014. It has over a 12% cap rate right now. Property value in that area will just keep going up. Purchase price(including rehab) to rent ratio is 1.7%....
Posted on: Wed, 02 Jul 2014 01:47:05 +0000
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