Posted by Ola Fakinlede on November 27, 2000 at 14:06:18:
Seller wants
$120,000
15% down (seller to finance the rest @ .125% lower than lender)
Taxes are $1617/year
HOA are 55/month
A tenant already exist (has been in the property 9 yrs) and is willing to stay in the property. I believe the tenant currently rents for 986/month. The home is a townhouse 3bd, 1FB, 2HB.
Posted by Ed Garcia on November 28, 2000 at 09:33:01:
Ola,
JohnBoy set you on the right track. For starters, you don’t tell us the motivation of the seller? If you don’t know it, shame on you. You also don’t tell us your game plan, meaning what are your intentions for the property, to sell, or hold as a rental.
I think another piece of information that is useful in making a decision is to know how much is owed on the condo and what are the rate and terms. We know that the owner has had it for at least 9 years with the same existing tenant in it, so it may be to your advantage to assume existing financing, with a second money purchase loan.
Ola, sorry to say, we don’t have any information as to your financial picture as well, so we don’t have enough information to properly advise you.
There is another possibility that intrigues me. I don’t know if you have enough experience to pull this off, but I’m curious about the renter who has occupied the condo for 9 years. I see a great possibility for a flip.
For now I feel JohnBoy gave you some food for thought considering the limited amount of information you’ve provided. My suggestion is, find out more about the deal. The more you know about your deal, the better chance you have of making it.