Help
Hi All,
I do not know why I experience such great anxiety every single time it's time to "pull the trigger." So, I just wanted to run this deal by you guys, I guess for some encouragement to actually pull it, and some input, of course. So here are the numbers.
2 multifamiles (package deal)
1st:
6 1 bedrooms
4/6 currently rented at $560/mo
other 2 will be rent ready upon transfer of ownership
Owner pays all utilities, estimated at $500/mo
Taxes $300/mo
2nd:
3 1bdrms, 1 2bd
Everything inside and outside, pretty much brand new
Vacant
Rents should yield $500-550 per month for each unit
Tenants pay gas/electric
Owner pays water/sewage
Terms:
Total package price $110k
Down payment: $20k
Seller Finance: $90k
Interest: 6%
Term: 6 years
I am also thinking of whether to use cash for the 20% or finance that too? If I finance it, payments would be roughly $400/mo. So any thoughts? As always, I have a bit of anxiety about it...I currently own 5 SFR, and had anxiety with each of those purchases, and also for my primary. I guess it's even more anxiety with this one because it's my first multifamily purchase, and I'm doing two at one time...huge step from 5 doors to 15. And btw, I have one other 30 year loan on one of my properties...20 years left, and one other loan with 4 years left. The others are free and clear.
Thanks, in advance, for any input/encouragement!
Katrina