My partners and I have been talking up, emailing out, and posting these cute (and profitable) little Jackson, MS rehab properties for a while. I thought I'd post a case study that shows what a value we've really put together.
Here's a property we sold a while back in Jackson (click on image for full screen view):
Note that, all in (acquisition plus rehab costs), this buyer had less than $50k into this property.
I just visited Jackson last week, and went around seeing some of the new properties, as well as checking up on some of our recent sales. I went past the 524 West Hill property to see how it turned out and do a "live report" call-in spot for the radio show. I noticed a house for sale across the street, so I had one of my contacts look up the info for me. Here's the MLS sheet on it (click on image for full screen view):
On a nearly identical house (similar aesthetics, 6 sq. ft. bigger, similar lots), the property across the street is being listed at $80,000. Assuming they accepted $75k, that still means our original estimate of value was a couple of thousand low. So our buyer got a steal with over $16k in equity, positive cash flow, and LESS THAN ZERO DOLLARS OUT OF POCKET!!!
I'm kinda proud of that....
PS If you are listing bank owned properties, and the bank is ready to start working with investors, touch base with me. I may be able to introduce you to some aggressive investors who buy in your area.
Go ahead. Click it...
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