Posted by Steve (NY) on February 22, 2000 at 17:53:55:
1st off, I’m very excited to meet you all in Atlanta! I can’t wait to listen to the pros and get new ideas.
Here’s the info. on my deal:
2 family, good neighborhood, good condition.
FMV 58-60K with a few cosmetics
Rents 14,750/yr.
Taxes 1,972/yr.
Insurance 400/yr.
Utilities 2,600/yr. (see below)
Maintainance/Vacancy 1,000/yr.
I’ve got an offer in at 44,900 with the seller allowing back to me 4K at closing to split up the utilities (it should only take about 3K according to my contractor). They are combined now and the seller pays for them. After splitting them I’d reduce the rents somewhat and have the tenants pay. Presently the seller and I are about 1K away from agreeing on the deal. Seller will not carry a 2nd.
Here’s my question. How can I structure the financing without using a ton of my own $ on down payment and closing costs. I’ve purchased 3 multi-family houses in the last 2 years, and each time I’ve had to shell out at least 9K at closing. I’m getting sick of parting with so much of my hard saved $!
My credit is excellent. got a great job, equity in other properties (not enough to finance this, I already looked), and the house is definately selling well below market. I’m very farmiliar with prices in my area.
Thanks for any suggestions that you might have. See you in Atlanta!
-Steve