Deal?
i am considering buying a property for a rental, the owner is a friend of mine and has agreed to sell it to me at fmv=175,000 but giving me 15,000 cash back i can rent it for 900/month and will end up being in about i am putting 10% down but after the 15k back i will only have 2,500 of my money in it. this will be my first rental if i do it what do you all think? the area appreciates at about 4.5% its a good part of town. I think the cash back will help make it a positive cash flow if i look at it with me putting 17500 down and devide the 15k back by 3 years i can add 415 a month to my cash flow.
I agree with newkid, If the area was appreciating 20% I might consider it but 175k for a 900 rent is not a deal to me
[addsig]