November 20, 2015 – SOLD! Highest bidder is TEA Real Estate, LLC. We purchased 22 4th Street, Hoosick Falls, NY 12090 – a duplex about 20 minutes away from Albany, NY. Had to wait 30 days to get the deed to the property.
Happy New Year! January 1st and 2nd, two cars full of family, tools and supplies took off from Virginia to go to New York to see what laid in store for us. To our surprise, it wasn’t as bad as we thought it was going to be. When renters abandon a property due to foreclosure, they typically aren’t leaving on their terms. Therefore, they leave behind whatever they don’t feel like packing or throwing away and there’s no worrying about cleaning up to get a security deposit back. With dumpster ordered and delivered, 9 willing bodies; we were ready to clean out the property. 4.5 hours later, the Hughes/Edwards cleaning crew had all items discarded, carpets ripped out and the place cleaned. It was truly amazing what our team accomplished!
Today, 22 4th Street, Hoosick Falls, NY is ready for a young couple to buy “smart” or a rehab/investor to purchase the property and restore it to its former glory; making it a great duplex rental. The bones of the house are in good shape, the electric for both sides is great, and it’s in a nice neighborhood. For the wholesale cost of $40,000, the next buyer is in good shape to plan their remodeling budget and come in under FMV of $107,000 – providing you with equity right off the bat and a monthly rental income potential of around $1,500/month.
A young person/couple wanting to buy – this could be an amazing first home (Side 1: 2 bedroom, 1 ½ bath). Purchasing the duplex for $40,000 and expecting to put in about @$50k in rehab costs = <$100,000 loan. Purchasing a home for $100,000, with a 30 year mortgage at a 4.0% interest rate, one would pay $477.42 each month towards the interest and principal of the loan (not counting tax or insurance). After fixing up Side 2 (2 bedroom, 1 bath); homeowner would stand to collect about $700/month for rent. Except for utilities, owner of this duplex is living MORTGAGE FREE.
On the flip side, a real estate investor will have the same purchase and rehab price and costs. Leaving them the duplex to rent out at approximately $1,500 per month. That’s a steady income of $900/month.
To view more pictures, click onto our Zillow Listing.
Want to make a deal? First time home buyer? Seasoned Real Estate Investor? We want to talk to you! You can reach Todd at (703)623-3719 or email firstname.lastname@example.org or Tracey at (540)272-5388 or email email@example.com .