CONDO CONVERSION ALERT!
Incredible condo conversion Take a look at this deal that Ryan Peck brought to us. Ryan met with us this week to finalize details on the Bids for the 3 4-Plexes that we have under contract. As we have met certain requirements by the city and county, we have asked Ryan to help on issues such as bids for work which will be needed on the properties, and he has been able to get those bids and send them to us to complete a total workup of the numbers. That’s how you do it, by staying on top of the deal every step of the process.
The take away here is that he focused on what was asked of him by us, immediately got it done, and then moved forward to our subsequent requests and completed those. Partnerships like this go so much smoother than without the quick response to our requests and coaching. This is how we get closer to a completed project and in record time!
Here are the details:
3 4-plexes just went under contract in a partnership with Mike Watson Investing that Ryan Peck found.
Check out these terms: Purchase Price-$1,470,000 Down-$450,000 Seller Financing-1,020,000 SF amortized over 30 years with a 5-year balloon No "Due on Sale Clause" in the mortgage from the seller 4.7% Interest Rate All 3 4-plexes are on separate lots already! Assignment Clause included! Buying at a 6% Cap Up and down townhome style units. 2bds 1.5 baths
This is Ryan’s first deal in a partnership with Mike Watson Investing, and by the way, he has followed up on various steps to move this project forward, it will most certainly not be his last! When asked to get bids for various work needed, Ryan made the calls and did the work necessary to have those bids sent over to us fast! By doing so, he is learning the process, step by step, and that all aspects of a project are important and help create value. The sooner you can get them done, the sooner you can help fill a need for someone else, and the sooner you can be on to the next great deal! We love working with our partners and the projects we get done together. We at Mike Watson Investing do deals!