Posted by pat on April 01, 1999 at 22:41:52:
I own 38 homes this deal ISNOT a great deal. the wrap is a good way to go in with little down-- BUT
the monthly payments are too high for the rent income
1st how long is the loan for 5yrs,10,20,30 ???
you must clear the payment plus have $175 or more plus still make enouph to buy ins,pay taxes,and fix all those things you brought up. if repairs are $12,000
its a bad deal— you want a prop. at 70% of value after the repairs are done - the repairs in this deal is the point and the terms. find out worth and rents
and cashflow-- my advice is keep looking–
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