Address: 148 W. Balview Ave norfolk VA 23503
Number of Units: 6
Value Add Deal? No
Purchase Price: $375,000
Estimated monthly increase projected? $1,500 per month
Estimated Cash on Cash Return: 10.65%
Estimated Internal Rate of Return: 78.03%
It made us go out of our comfort zone and do the mail marketing which lead to this purchase.
We purchased 2 6 unit apartment buildings in 2010, and the prior owners, gave us 1 building 100% owner financing, and we had a bank loan for the other property. We re-financed the property in April 2020, and they were paid off. We sent out out our mail marketing letter in May 2020, and they called us and told us that they wanted to sell us their other 6 unit apartment building. They never asked for any financial documents or even a current credit report, they figured if we could pay them 10 years without missing a payment chances of getting their money was really good and they were ready to sell.
Personal Deal (Eric and Lisa only)
100% Owner Financing. $5,000 down Loan amount $370,000 4.25% interest rate Amortized 30 years with 10 year balloon.
Absolutely no Hurdles. The easiest deal, and I can’t still believe it was real.
It is very important that you pay your loans and keep your word. It was a 10-year relationship on our other property that made the Bellamys want to sell this property to us.
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in Rod’s training and coaching. The participants shown are not paid for their stories.