Y’all - “Somebody should to come fix up/do something w/ these abandoned houses/buildings”
Okay, well..know you + a couple friends can be that “somebody” right?
Here’s how you can do something w/ houses in the hood and not need a lot of money to do so
(Thread)
Okay, well..know you + a couple friends can be that “somebody” right?
Here’s how you can do something w/ houses in the hood and not need a lot of money to do so
(Thread)
Here’s how it looks now
And this is how it looks now
and after
Purchase price - 35K
Rehab - 55K
ARV - $130K
(ARV is new value, after repairs)
Seems like a lot of money right? You can actually get into this deal with only 10% down. Lenders will lend 90% of cost of project. We got into this deal with only $9.3K down at closing
Rehab - 55K
ARV - $130K
(ARV is new value, after repairs)
Seems like a lot of money right? You can actually get into this deal with only 10% down. Lenders will lend 90% of cost of project. We got into this deal with only $9.3K down at closing
But this is where it gets good
Because house is now worth $130K after being fixed up, You can get a new loan loan on the
for 75% of the new value. 75% of 130K is $97.5K
That pays back the $90K borrowed to do deal, + any extra fees u incurred AND your down payment money
Because house is now worth $130K after being fixed up, You can get a new loan loan on the

That pays back the $90K borrowed to do deal, + any extra fees u incurred AND your down payment money
This means that you put down $9.3K to get into this deal. But when done. You get all your
back plus still own the
. We have NO MONEY tied up in this deal now.
New monthly mortgage is $1,000 per month. Section 8 tenant pays $1,700 per month. Do the math


New monthly mortgage is $1,000 per month. Section 8 tenant pays $1,700 per month. Do the math
We now owe $90K but the
is worth $130K. We could sell it right now and pay off student loans or keep it, let the equity grow and keep collecting $700 month on it forever while the value (equity) continues to go up

Oh and before the gentrification police start - I—black dude—and my black friend bought this from a white guy, fixed it up w/ black workers, put a black renter in the house. Don’t start that shit today, please
Bought with business credit and a loan. Don’t need a lot of cash.Just takes a little creativity. You and or your friends can do the same. I have a whole course on how to do so.
Use code “riverdale” to buy how-to course for $50 https://gum.co/epNrB
Use code “riverdale” to buy how-to course for $50 https://gum.co/epNrB