This deal was sourced off market, initially secured with a private loan, then cash out refi with conventional 30 year loan at 4.65%. Once stable, unit produces ~$1,000 month cash flow.
By working with Section 8 program, we were able to secure a long term, stable tenant at full Market Rent. It takes a little more patience to set up with the program.
The short plat process takes 1-2 years to complete. This is okay with the rental property combination, we are not in a hurry. The recurring monthly income makes this deal good without the short plat. This is just an added bonus!
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