Posted by Thomas on January 29, 2001 at 17:09:09:
Ok… My mistake im still a bit new to this…
As I said we have 2000 to work with …
We are in Memphis, Tennessee
My wife and I make about 1400 a month…
I have nothing bad on my credit and 4 perfect accounts 2 of which are closed…
Lemme know if i can add more info…
Need Help Financing, Ed power… - Posted by Thomas
Posted by Thomas on January 29, 2001 at 10:39:44:
Here is the property run down:
Triplex
Asking Price: 139,000
Owner says price is concrete terms are jello because he is making money by keeping it and he wont sell unless he gets his investment back…
Rents
1 br 1 ba - 575
2 br 1 ba - 650
2 br 1 ba - 675
Last year NOI was 22,040 says the agent
Owner pays utilities right now…
Area is fantastic, 5 mins from major university…
We would do owner occ. in the 2br $650 one and when leases are up , go to tenant pay utils…
We live in a apartment now that rents 500 and from what we figured our out of pocket each month in the triplex would be around 200 instead of 500 rent that we burn a month…
We have $2000 cash to work with but would prefer not to use any…
If you can finance this, or you know someone who will or just have a suggestion please reply…
Thomas
Re: Need Help Financing, Ed power… - Posted by Ed Garcia
Posted by Ed Garcia on January 29, 2001 at 16:48:20:
Tom,
First of all when you say, “Last year NOI was 22,040 says the agent Owner pays utilities right now”. I’m sorry to say, that’s incorrect. Your Gross Income according to the rents you’ve indicated in your post are $575, $650, $675, which total $1900 per month X 12 = $22,800 per year GROSS, not NOI (net operating income). I won’t even tell you how it pencils with the owner paying utilities, but as a lender would look at it, we’ll just knock off 25% for expenses and vacancy, again not counting utilities, and that leaves us $17,100.
Tom, you don’t tell us what stated you’re in? How is your credit? What’s your income? Or anything about yourself, that will help us advise you’
If you have a 640 credit score or better, I could probably get you into the units with 5% down + closing.
Ed Garcia