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Updated about 2 years ago on . Most recent reply

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8
Posts
2
Votes
Doris Garcia
2
Votes |
8
Posts

New Investor with a question

Doris Garcia
Posted

Currently watching YouTube real estate videos as I am trynna figure out if this would be a good deal or not. I want to finance to turn to an air bnb in Fl. Preferably a turn key. 

would anyone know if this would actually be a good deal? 

I am doing my research, I promise! Lol I am just not good rightnow lol

Duplex, fully furnished, new roof in 2020 and renovated in 2021 

Pp $595k
Dp $50k
Monthly payment of $3k to seller
Taxes and Ins run about $483/mo
6.5% interest
20 yr term- pre payment penalty of 15% for first 10 yrs then drops to 7% for remaining 10 yrs
Rented for $4600 total through Sept/oct currently (with mid term rentals)
Fully furnished (plates, sheets, etc)
Airbnb average $5500-5800/mo (per airdna and Mashvisor)
Assignment $30k
Buyer pays closing costs

Completely turn key. New roof in 2020, completely renovated in 2021. Stocked for an Airbnb- extra everything, sheets, comforters, even a microwave!

Not sure if the interest rate is too high, but wondering if this is a good deal already..? 

Most Popular Reply

User Stats

174
Posts
94
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Tim Bee
  • Investor
  • California
94
Votes |
174
Posts
Tim Bee
  • Investor
  • California
Replied

$5,500 per month on a 595K property. That would be good enough for a long term rental. But the monthly income should be about double that for this price on a short term rental. I would skip it. Not enough profit for STR.

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