Posted by Steve G(ga) on March 07, 2000 at 24:17:33:
Actually, the deal was for two quads. Total price 341k, total commision, $31k. I would pay him 100 per month and at the end of 5 years, the entire 31k is due or refinanced by broker with interest included. In 5 years, a refinance would pay off this commision.
By the way, in theory this was going to work. It really didn’t wash for cash flow though. In order to make it worth while, I would have needed at least 50k down with no payment attached. As it stands, the deal was lost because I would be $120.00 negative each month with no maintenance allocation in the budget. With 8 units 15 years old, if something major broke, I’d have no way to cover it.