In panic mode and papers need to be signed
Hello i have a question. I found a 4 plex that i am looking into they are asking 48000 for drove by and looked at it i would like to go lower on it as the out side is ran down i haven't had a chance to see the inside. I reached out to a lender to see how much I could get and they are willing to give me a loan up front to cover the cost at 4% interest and 1% down with a 6 month grace period. ( wont state the information of the lender here due to privacy). They want information signed fast for the loan but I havent had time to get all the numbers. Nor have i had an opportunity to see the inside. I do know that ran down duplexes rent for 450-500 and other more fixed properties run for up to 675.
Property tax is 8% in the area and insurance is about $150. I am hoping that the rehab is less then $40k. It is on 4 meters so the tenant would pay utilities. I work in pest control so i would take care of that as well. It has a 2 car garage and a 2 car carport.
The lender has sent me a contract with the terms which i assume is ok to sign now. But should i sign anything yet until I get more information? I hope its not a bait and hook Deal just kinds stuck. They are a bit pushy in with the sign of the first agreement as its been 24hs since I spoke with them. Everything is in writing via email. But this is causing a bit of panic and pressure. This would be my first property and i have 3 kids to make sure i can feed.
And suggestions would be great. Please let me know if there is any information that I missed that you would need to know. Thank you.
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