Looking for avice Please
Hi my name is David,
I'm looking for advice. In 2016 my aunt had two property's and wanted out because she was to old to deal with it, but she did not want sell because she needed the income. So i took them over (owner finance) one is a double the other is a single. All three together the rent, insurance and property tax is $2,500 a month. Rent is $3,150 (1,100 - 1,150 & 900) so I'm only clearing $650 a month. Then a year later i purchased a half of a townhouse for $70,000 I put $14,000 down. Payed $3,000 closing cost and it rented for $1,000. The note is $465 so I clear $535 a mouth. I was bring in 1,150 a month plus the two i have from my aunt are financed for 15 years, so I'm paying the mortgage down about $1,000 a month. Two months ago I purchased a fourplex and double, the fourplex I payed $200,000 closing and down payment cost me $50,000. I put about $30,000 in it. It makes $3400 monthly and cost $1,410 so clear $1990 on it. The double cost $128,500 closing and down payment cost me $31,500 it makes $1,400 a month. Monthly and cost $820 so it clears $580. And it needs about 20,000 in repairs to get it $1,900 a month. But I will leave it as is for now, until I have the money or have to fix it. And now the other half is for sale of the townhouse i already own. I see no choice but to but it, because I'll own the whole building. But I'll have to use a line credit, If I do all profits for a whole year will go to pay the line of credit and credit card back to fix it. After all said and done the profits will be around $5,000 a month. Looking for advice please!