The house is a solid, no-frills property in a good neighborhood. It will cash flow:
- 90 Management
- 45 Vacancy Reserve
- 45 Repair Reserve
- 38 Insurance
- 33 Taxes
$649 Cash Before Mortgage
We will find a private mortgage and pay 7-8% to someone for 10 years or more. They will get a first position lien against the property and a payment of $500 - $550 per month.
Everyone wins! Obviously we win. So does:
- The City of Ogden: A rehabbed property
- The Tenant: They have a great place to live
- The Private Mortgage Holder: Secured, reliable income for a long, long time
- The Local Economy: $7,500 in repair costs for materials and labor and $1,000 in closing fees
Would you like to be a part of one of our transactions this year? Let me know at 801.510.3566. We are always looking for people to participate in our projects. There are lots of ways to win and we enjoy working with new people.
Look for transaction #10 by next week!