Deal In NY Area
I just saw a 2 family in the NY area
asking price 375000 negotiable
3 bedroom duplex over 1 bedroom with possibility to turn to two if garage is changed.
Estimate rents- 1450 fror duplex
lower level- 1000
taxes- 2000
a deal worth considering?
Quote:
On 2004-01-04 01:08, bigtime18 wrote:
I just saw a 2 family in the NY area
asking price 375000 negotiable
3 bedroom duplex over 1 bedroom with possibility to turn to two if garage is changed.
Estimate rents- 1450 fror duplex
lower level- 1000
taxes- 2000
a deal worth considering?
What is the FMV of said property? Have you looked at the owners expenses? Crunch those numbers! Income vs expenses including debts service?
Starting with his/her schedule "E" ( side bar: must won't show this until you are deemed a serious candidate to purchase ... my experience).
Will your credit score allow you to get the best rates available?
Check with a local realtor on the comps on property that has sold within the last year in the area to get an idea of what your counter offer should be. Allow me to digress, is this property occupied at this time? Diciphering the nexus of your question, I'm assuming those numbers are proforma.
Summary, go over all expenses, rents if property is occupied, are they market or subsidized? What repairs if any are needed? ( Property inspector needed) Why is property on the market?
If property is empty then, the story gets a little more intrincate.
Depending on the length of time property has been empty you will have to get a new CO. Subsequently, that represents a whole new series of expenses.
Hopes that helps ... anything that I can help in answering please advise an or PM me. Good Luck
I agree check what your mortgage and expenses would be after you find out what you can really buy it at, then look at your income. As it is now if you were to pay full price you would be in the red each month.
Good Luck,
Kyle