First Purchase....Advice Please
I have the opportunity to buy 5 triplexes. I have secured owner financing and am curious if this sounds like a good deal to anyone else. No money down.
Rent roll is 6000 a month.
First mortgage would be 2600 a month to assume the current mortgage.
Owner will finance the remaining 300000 at 4% for the first year at 1000 a month.
Each year for the next 4 the percent interest will rise .5%.
The total purchase price is 747k.
Taxes and insurance are about 800 a month and whatever you want to insert for maint.
How does this sound and what am I missing?
Thank you.
with maint/upkeep and a vacancy or two and the .5 increase anually its can be "close" or very small profit to breathe with if you have a good reserve in waiting ok, go for it , it would be good to hold for appreciation. but for self-sufficient be prepared it can get tight.....kenmax
[ Edited by kenmax on Date 08/06/2004 ][ Edited by kenmax on Date 08/06/2004 ]
the condition of the tri's is critical are they old, new , good, bad in looking at the future maint/upkeep picture......kenmax
With 100% I think it is a good deal.
100% financing that is.