Pros/Cons - Posted by Neil
Posted by Neil on August 02, 2003 at 22:57:33:
spent from 6am to 3pm meeting with RE agents, Banks, etc.
Nothing to hot, but I have a meeting with a very good family friend, that developed golf courses now, hopefully Ill get some good info. (maybe a source of funds?)
Ok here it goes:
based on something like this, if I get funded (Which I will find a way eventually)
Multi-family Property, Area: 43, Built In 1900, Up and down style, Three story
, 8 car parking space(s)
Up and down style
Year built: 1900
Unit 1 has 5 room(s)
Unit 1 has 3 bedroom(s)
Unit 1 has 1 full bath(s)
Unit 2 has 9 room(s)
Unit 2 has 6 bedroom(s)
Unit 2 has 2 full bath(s)
Unit 3 has 3 room(s)
Unit 3 has 1 bedroom(s)
Unit 3 has 1 full bath(s)
Unit 4 has 4 room(s)
Unit 4 has 2 bedroom(s)
Unit 4 has 1 full bath(s)
approximately 2310 sq. ft.
I have a feeling that this might have sold, as I found a LARGE nice looking building this mourn. Hope not
But based off of that, I would like to get a First time buyer loan
and rent this out.
This area is heavy under attempts to clean up.
I also have a plan, with My IT Parnters, without going to far,
to offer something that has yet to be done in this area (Anywhere actually)
Rents are going around 700 to 1k
I know a little roofing
(Wow this got long, but everyone says take action)
So whats the Pros/Cons of renting?
I can get renters in quickly, like hotcakes right now, but all property is drying up quickly.
Flipping is equally hot, but involves a little more knowledge than I know
Looks like I am going to go back to work for a company, doing security again,
So I dont mind the small profit at first.
Some numbers I did: (Yay Linux!)
950 * 4 --confident I can get this
3800 - 2000 Rough Est of Lender payment (5yr)
1800 -500 Maintanence
1300 --Pays all my bills, supplimented with IT work
Per YR total, tax application
950 * 4 * 12
45600 * .30
45600 - 13680
Not including any deductions,
(Im annoying huh?)
Let me know what you think