OfflineAlright - I am new to this whole thing and am still awaiting Dean's book.
However, on the Foreclosure Finder I think I found too good of a deal to pass up, can you guys help me figure this out.
FMV of two unit place for $180K, listed at $159 (will try to get for $130 or so), but even if I don't the mortgage would only be $900/mos.
One rents out at $1100/mos and other has someone moving in 4/15 at $900/mos.
So, rents at $2000/mos and mortgage of $900/mos is a good cash flow of $1100/mos.
Even though I have no idea what I am doing, is this too good of a deal to wait on?
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Do you have money to purchase the property? If not, you could lock up the deal and wholesale it to another investor. Or if you really wanted to the property for yourself, you could try using a hard money lender for the initial purchase and then refinance into a traditional loan.
Have you seen it or been in? You must check out condition of property, age of heating system, etc. in order to factor in your repairs and maintenance expenses, as well as cost of building insurance, management co.if you plan to use one, water/sewer fees unless paid by tenants, etc. Did you factor taxes into mortgage? As with any deal - trust the numbers. Run them correctly and you'll know if its a good deal or not. Good luck!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I really wish i could help you.My hands are tied!
Randy