Posted by Pam on March 09, 2001 at 20:55:12:
From this $2,500 you need to subtract a % for vacant rate. Ask management for this % rate. I would also ask to see Sch. E to review expences. You need to make sure after vacant rate and expences (always have amount for management even if you manage it yourself)that you can still service the debt. If they will not show Sch. E, I would walk away. Alot more to this, but this can get you started. Good luck.
4 unit property - Posted by Mr. Shaw
Posted by Mr. Shaw on March 09, 2001 at 14:20:09:
I’m the tenant of a 4 unit apt. for sale. Asking $279k. rent generates $2500 mo. With expences of $400 includeing tax and insurance. I’m just starting out in life and would like some advise on purchasing this building. Don’t have funds of my own, so I’m pretty discuraged. I’m writting only because of all the talk of purchases made with no money down and such. I’m hoping there’s a way I could seize this opportunity. Responses are humbbley received.
L Shaw