Please Help
My credit is fair and I have job that pays about $3000 a month. I saw an income property selling for $425,000 with rents totalling $1900. Does anyone have an idea how I can finance this deal. Thank you.
My credit is fair and I have job that pays about $3000 a month. I saw an income property selling for $425,000 with rents totalling $1900. Does anyone have an idea how I can finance this deal. Thank you.
it may be possible that the owner will fin. it's not unusual for income props that would be my first move.......kenmax
Even assuming that there are no operating expenses and rounding off the $1,900 to $2,000 that would give you an annual income of $24,000. That makes the property worth about $240,000. No I do not know anyone who will lend you twice what the property is worth.
I am in south cali, that's why the price sounds outrageous.