Newbie Rehab Deal
4 Plex that has an assumable note of 70,000 and it is not rented. Comps are110k 130k. Repairs are estimated at 12,000. Could some one time me if this is a good deal or how would I create a win deal. I made an offer and the owner counter offered with this:Assume $70K note with no points or fees. Refinance after 3 years.
2. $1,500 non-refundable earnest money.
3. Additional $3,500 cash dues at closing (i.e. total $5K down - total price is now $83K)
4. We will carry $5K note at 8.5% for 3 years.
5. Closing date is Sept 8, 2004
6. and/or assigns is acceptable but closing is still Sept. 8, 2004
In my offer I asked for time to rent 2 units since the owner said they were liveable. But he said he would not allow me to do that.
Thanks
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