2 vs. 3 bedrooms?? Seller offering L/C - Posted by Tim (MI)
Posted by Tim (MI) on February 04, 2002 at 12:26:40:
what are the opinions out there regarding buying a 2 vs. 3 bedroom SFH for rental purposes? Have a house in my town that is 2 bedroom that owner is considering a land contract. House is worth approx. $67-69k, and could probably rent for $550/month. Seller is asking $69,900 but is not real motivated, if doesn’t sell will rent again. Is vacant right now. How much do you offer on a L/C to make numbers work to break even? what interest rate and term is reasonable if you can only get $550/month rent. Or, should I avoid 2 bedrooms altogether and move on to next deal?