4 Unit Distressed property in Iowa
Hello,
My name is Darrion. I am based in San Diego, California. I am interested in buying a deal with seller financing, but I would like some advice.
Details: 4 Unit distressed property, 30k worth of work min due to roof damage. Each unit is a 2-bed 1-bath unit that would rent for about 900 to 1100.
Proposal to seller: 60k purchase price (this is in Iowa), 5k down. 4200 for listing agent commission, I pay closing costs, 4% interest rate. ( Am I offering to much with this?)
The biggest question I have is how can I fund the costs of my rehab. The way I was thinking was private money (which I don't know many if any people who could private lend).
Most Popular Reply
I think your bigger question would be tenant pool. Cheap properties are cheap because they are undesirable and the local tenant pool is usually undesirable with higher maintenance, and vacancy which can lead to negative cash flow and poor appreciation. Best of luck.