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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ward, would you do this deal? Posted by jon on March 01, 2004 at 11:51 AM Thanks in advance for your reply....... Property= 5 units (house plus 2 x duplexes) rents = $4170 per month (750 per duplex unit, 1000 for house and 170 for 2 garage/storage units) operating expenses including vacancy allowance, insurance, taxes, water, garbage, upkeep. = $848 per month Seller getting divorce, foreclosure looming. sale price is 360K (which was a full price offer which they would have received by any other party only I have a friend whom is a real estate agent who sent this one my way before actually listing on the MLS) obtaining 1st for 252K at 9.9% for 18 months interest only. seller carry back 2nd for 108K at 10% for 18 months int. only. (so essentially no money down from me the buyer) plan to refinance after seasoning of 1 year. fix up costs to be incurred(my money)the first year is approx 50k which I plan to recoup with refi. property is beautiful Northern Ca foothills property and is 1.4 acres in very desirable renting/living area. inspections have come up clean (septic etc)other than the repairs I am going to do myself (stated above at 50K). Keep in mind I am very handy when it comes to all the fix up stuff and can do 90% of it myself as I do this for a living, buy and sell property (mostly flips), but have never done a multifamily for which I plan to keep as an income producing property. The Appraisal is not in as of yet. Good deal? Fair deal? If this deal was presented to you without the sale price figures above, what would be the price you would be willing to pay for such a property? What would you have done differently? thanks again. Jon- Northern CA where the market is still hot. Follow Ups: Looks good based on San Diego prices... Ward-CA- 6:17 PM, 03/01/04 (2) Re: Looks good based on San Diego prices... jon 8:23 AM, 03/02/04 (1) Re: Looks good based on San Diego prices... garyr 4:34 PM, 03/02/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Thanks in advance for your reply....... : Property= 5 units (house plus 2 x duplexes) : rents = $4170 per month (750 per duplex unit, 1000 for house and 170 for 2 garage/storage units) : operating expenses including vacancy allowance, insurance, taxes, water, garbage, upkeep. : = $848 per month : Seller getting divorce, foreclosure looming. : sale price is 360K (which was a full price offer which they would have received by any other party only I have a friend whom is a real estate agent who sent this one my way before actually listing on the MLS) : obtaining 1st for 252K at 9.9% for 18 months interest only. : seller carry back 2nd for 108K at 10% for 18 months int. only. : (so essentially no money down from me the buyer) : plan to refinance after seasoning of 1 year. : fix up costs to be incurred(my money)the first year is approx 50k which I plan to recoup with refi. : property is beautiful Northern Ca foothills property and is 1.4 acres in very desirable renting/living area. inspections have come up clean (septic etc)other than the repairs I am going to do myself (stated above at 50K). Keep in mind I am very handy when it comes to all the fix up stuff and can do 90% of it myself as I do this for a living, buy and sell property (mostly flips), but have never done a multifamily for which I plan to keep as an income producing property. The Appraisal is not in as of yet. : Good deal? Fair deal? : If this deal was presented to you without the sale price figures above, what would be the price you would be willing to pay for such a property? What would you have done differently? : thanks again. : Jon- Northern CA where the market is still hot. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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