Re: Looking for a creative way to finance - Posted by dknj23
Posted by dknj23 on August 02, 2003 at 23:08:27:
If your intention is to buy this property for rental income i would suggest that you keep on looking.
You stated that each unit would rent for $1,243 giving you $2,486 monthly. Now if you were to get a mortgage at this purchase price at 6% 100 ltv your monthly mortgage payment alone would be $2,850.
You would only break even on the mortgage payment if you got this house for $400,000.
In this case you can’t make lemonade from lemons.
My suggestion is to keep on looking, this deal will not work.