The Property:
Mike recently purchased two brick duplexes in South Salt Lake City, Utah. The four units each have 2 bedrooms.  There is one covered parking space for each unit.

The Find:
Mike was in South Salt Lake with some students driving a neighborhood. He called to inquire about a 4-plex with a “for rent” sign out front. Mike asked if they were willing to sell the property. They replied that he was too late - someone had already made an offer and it had been accepted. Mike proceeded to ask if they had anything else that they were willing to sell. The seller replied that he had these two duplexes, and was willing to sell them.

The Technique:
The seller said he would consider taking $130,000 for each of the duplexes; which is easily 20k below market on each duplex.  With that said, Mike immediately wrote up an offer, had the evaluations and inspections done, lined up the money from a private investor and closed on the property. Mike offered a cash closing, which allowed us a quick closing of less than three weeks.

The Contract:
The contracts were very straight forward with quick deadlines, It was outlined that cash would be brought to the table for the properties.

The Result:
Mike is already is the process of refinancing the duplexes to free up our investors capital for the next deal. In conclusion, we were able to create an equity position of about $40,000 in less than three weeks!