Turnkey New Construction Homes
minimum down mortgage no payment that’s too big.
Here is a great new construction opportunity for investor landlords. We will need about $6000+ out of pocket. We do not need 10% down payment like so many other programs out there for investors. We do not need mortgage insurance to be paid. This property will cash flow. The property will be new construction and you will get a 3 year signed lease by a rent to own buyer with monies equivalent to about 2x rent.
Investors will need a 720+ credit score, with low debt to income ratio, and some reserves in the bank or saved somewhere. I think that investors will agree that this $6000+ is a very low amount for an investor these days. New construction and tenants waiting in line really make for an easy situation for the landlord.
Many hours have been spent to find the best programs for investor clients. New construction in Oak Grove on the Ponds Golf Course. Qualified tenant families waiting in line to do a three year lease. A builder is lined up to build these rambler floor plan houses. Floor plans can be emailed upon request. There are lots that back up to the golf course and woods on a cul-de-sac. 77-hole course, with a driving range and a 40 acre park. Surrounded by a soccer field and trails to Lake George.
1. The investor will come to closing with around $5300 to pay for closing costs. The tenant family will pay the investor around $3600. Most investment properties the investor needs 10-20% in this real estate market, so this is a great opportunity for $6000 or less.
2. The full walk-out lot is being bought directly from the bank at a discount under foreclosure.
3. The home has 3bedrooms and 2 bathrooms and is 1450 finished square feet.
4. The acquisition cost of the home is around $256,000. This includes closing costs. Rent is sent at $1800 per month with an automatic increase equal to the actual property tax increase from 2009 to 2010. Also included is the $3600 down from the tenant buyer.
5. The fully amortized loan option provides break even or positive cash flow and there is a good chance that interest only option will be available.
All of our other standard features are included:
> Stainless steel appliances, including microwave
> Custom hardwood floors in kitchen and dining room
> Concrete driveway
> Cultured stone instead of brick
> Central air conditioning
> Washer and dryer for laundry room
> Full yard of sod and sprinkler system
