Posted by GL on February 05, 2000 at 17:36:18:
If you chose to keep it to yourself that is your prerogative. Maybe it’s a good deal, maybe it isn’t. How does it compare to other properties in the same area?
6-Family Deal - What do I do? - Posted by J. Heard
Posted by J. Heard on February 05, 2000 at 12:45:23:
I just looked at a 6-Family today. It looks really good. All units are rented. I’m trying to figure out what to offer and how to finance it. Here is the scenerio:
Asking price: $134,000 (Comps in area 125,000-145,000)
Rent: $3300 ($550 per unit)
Maintenance: $1166 (includes taxes, fee to super, lights, water)
The only thing that would need done to this property is painting the common hallways. I can do that myself.
I was told that I would have to get a commercial loan which means about 30% downpayment. This loan would be a No Doc loan. I can probably get 10%($13,400) downpayment from the seller, but I would have to come up with the remaining 20%($26,800). I have about $14000 but I don’t want to use up all of my cash. What are my alternatives?
Re: Where is it? What town or city?(NT) - Posted by J. Heard
Posted by J. Heard on February 05, 2000 at 17:25:10:
Since this is a good deal, I am protecting my interest by not telling where it is located. But I would appreciate any advice.