Questions would my time be better spent ? - Posted by Trev in Indiana
Posted by Trev in Indiana on February 21, 2001 at 14:53:02:
Here’s the deal in a nutshell:
3-unit dwelling, 2 levels, 3,000 sq. feet.
REO accepted price at $63,900
Traditional financing: 10%down-borrowed (with 1 point, approx. $8,500 to close), 8.75% interest rate, 360 months, $452.43/month
New windows, siding, and roof last year, but there is NO carpet or tile throughout and it does need paint and 2 or 3 places need some drywall repair. Also needs 4 inside doors and one outside door replaced. Estimated Fixup at $6,000 to $7,000 which would be financed via credit card and take approx. a month to complete.
Rents were $500, $350, $350, which could be raised by $150 total after fixup. Tenants pay all utilities and utilities are both newer and seperated.
I think that’s about all…I guess I’m just wondering whether my time and financial investment would be better spent other places, such as in obtaining L/Os or “subject to” properties. I do have an “out” in the contract if I want. I also have one other 3 unit that I own and the management, which I really don’t mind, has been a breeze …so far :). Thanks for any input.