Posted by JohnBoy on April 25, 1999 at 24:51:16:
What is your real job? Where does your income come from?
$1600 a month on a $127k property sounds high. What do you plan to do with it? Live in it? Rent it? Ect.?
What can you rent it for?
Based on your post it sounds like he’s asking retail for the property. What is it worth? How much would all the repairs cost you to fix it? What would it be worth if you fixed everything?
You say the seller will give 10% as a rent credit. Who came up with the $90?? 10% would be $160.
The upstairs is renting for $550. How much would the downstairs rent for?
You don’t buy properties based on what they MIGHT be worth in a couple of years. You buy property by making all your profit going into the deal when you buy.
Can you L/O this to someone else for at least $1800 a month and get $5k - $10k down with an option to buy at $137k today in it’s current condition?
Need more details on this and what your plans are for the property if you took it.