We hope you had a fantastic Christmas. It's a great time to visit friends and family. It's also a time when we gain a few pounds here and there, while our wallets tend to feel a bit lighter. This Christmas Santa stopped by our home and left some notes in our stockings. We just closed on four Contracts for Deed (CFD) on the 23rd. They are all duplexes. Two of them are great candidates to reperform, but the other two will be rehabbed and turned into quality rentals. After 12 to 16 months, we'll sell all of the assets as either turnkey properties or performing notes. Two of these are in the Cincinnati/Dayton, OH area, one is in Grand Rapids, MI and the fourth is in Council Bluffs, IA.
Then just when we thought our year was done, we got a single family CFD in Dayton, OH under contract and might have it funded in a week.
That's a great wrap up for 2016. Next year will be even better. We plan on employing another person, expanding into four more states, and purchasing at least 80 more notes.
Now for our Property of the Week
We picked up this Contract for Deed on a duplex in Painesville, OH for $19,500. Taxes are current, but the payments have never been current. We are offering Cash for Keys on this asset. The average market rents are $650. Our plan on this one is to finish the garage construction in the back, upgrade the units, collect rents for about a year while we are "seasoning" the property and then sell it as a turnkey for $100,000-$130,000. Stay tuned for the rest of this story.
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