Here are the details. - Posted by Debo1977
Posted by Debo1977 on August 03, 2007 at 04:37:53:
Purchase price: 700
back lot rent: 600
back taxes: 800
materials and labor of certain jobs: 3800
TOTAL COST: 5,900
I took $1,000 down and 48 monthly payments for 365.02 @ 12%.
Yield (if i am doing this right) 86.19%.
Certainly could have done things a little different, probably could have been tighter with the budget, and I probably should have stretched out the payment to a 60 mth term, instead of 48. The yeild is not that much different, but the additional funds would have been nice.
This home sold 2 weeks into the Rehab, a neighbor came over one day and asked if it was 4 sale, she stated that she has had her sister and 2 kids living with her for a couple of months, and would like to have them live close by.
She asked what it would take for me not to advertise the property, I said a deposit would work. They gave me $200.00 and i will collect the $800 today when we sign all the papers.