Financial decisions on family purchase
I need your opinion on this issue.
Goals: 1. Become financially independent in flipping and keeping.
2. I need $100k to purchase another flip for 2017.
I am a contractor. I do all renovations and manage two properties. They are my 2 family and my brother ‘s 3 family. I own my current residence (single family) with no mortgage worth $160k prior to kitchen upgrade. My brother would like to get ride of his 3 family and it is appraised at $250k. He owes $130K on mortgage. He does not care of profit and just wants to move out of state to start his young life. He will sell it to me at $130k + closing cost fees.
This is the 3 family.
| Monthly Income: $2,850.00 | Monthly Expenses: $2,203.34 | Monthly Cashflow: $646.66 | Pro Forma Cap Rate: 7.64% |
The 2 family has lower cash flow ($300) and don’t want to touch.
What would you say is the most financially sound way to tackle these two goals with the assets mentioned above.