Josh Barton Rental Deal

 

Josh Barton Rental Deal

Barton Home Buyers in Josh Barton with Jennifer O\'Brien & Jesse Barton

We found this deal from some old time investors who have owned the property for many years and have bought and sold multiple properties with my partner Jennifer. The sellers came to Jennifer and explained to her how they wanted to get rid of a duplex that they owned (aka burn it down) so we went and took a look at it. It had been rented for about half of what it could be rented for if it was kept up and had a few updates. So we offered them a toss-up number of $50,000 (which we thought they would never take) and they accepted the offer. My Partner Jesse and I own a construction company and spent about 4 months on the rehab. We flipped the downstairs apartment and turned it from a 3 bedroom to a 4 bedroom and got it rented out for $1200 a month (it was renting for 750 when we bought it). We moved upstairs to the two bedrooms 1 bath after the downstairs was completed and then rented that out for $795. We then got an appraisal coming in at $289,000 (after only 6 months ownership!!) and refinanced the property pulling out 189,000 and leaving the rest of the equity. We each put in $16,000 of our own money and each got that back plus $48,000 from the refinance while leaving in $100,000 in equity!! I would call that a WIN!!

Rental Details

Property City: Moscow
Property State: ID
Purchase Price: $50,000

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