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With the right due diligence and effort, opportunities exist right now to buy projects at huge discounts. These projects can cash flow on as little as 45% occupancy. Just one of these projects could deliver financial freedom for you in as little as 30 to 90 days after closing. In Baltimore, an investor contact of mine actually closed on a 19 unit project for only $390,000 plus $160,000 in rehab capital. This project produces $1,300 per unit in section 8 revenue and will cover debt service on 4 occupied units alone. Assuming $76,000 in annual costs for operating expenses and capital reserves another 5 occupied units are required. Plan on 10% vacancy or 2 units. The remaining 8 occupied units will generate $10,000 per month in free cash flow -- a pretty nice living for a one property portfolio. Even better you have significant cash flow to apply to maintenance and management. What could be better great cash flow and plenty of management support. Capturing one of these deals requires several key points. Point 1: The first issue is to realize that you can offer as little as you like. Right now, properties under $4 million dollars have major issues drawing capital. In some cases, the sellers are desperate for buyers. The really desperate sellers are banks stuck with REOs and partnerships on their way to foreclosure. Point 2: The second factor is that if the bank is holding an asset they cannot operate and have to foreclose they may be under intense regulatory pressure to get the property off of their books. Essentially, they could well be in a position where they have to take the cash they are offered. Point 3: The third factor is to find these projects the best places to look are tax lien records, the banks themselves, and by getting in contact with as many owners as possible. The banks cannot put you in contact with the owner for regulatory reasons. They may be able to suggest to the seller that they should speak to investors. This is about as much as you can hope to get. If you have capital or have a group that can assemble the capital you could be within a few short months of real financial freedom for yourself and your partners. As the friend who purchased the project describes earlier says, "Remember the power of one." One degree is the difference between hot water and boiling water, cold water and ice, one contract and financial freedom. Find your financial freedom now.
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