Buying first multifamily in Houston and need help
Hi there,
I'm finally ready to make my first purchase but I need some help in assesing the property and how finance it.
1- the property is 4 units with total 3,461 Sq. Ft built in 1983 and the asking price is 135K
Monthly Rents: $ 2,475
Annual Rents $ 29,700
Annual Vacancy 4.0% $ (1,188)
Annual Expenses 55.3% $ (16,418)
New Taxes 1.25% $ (1,682)
Annual Mortgage Payments $ (6,338)
this is a unit in a condo, the condo complex has tennis courts, swimming pool, community laundry room, and security gate (i'm workign on the comps with a realtor)
Does that look like an attractive deal finacially?
2- I live in a house that I still have mortage on and I can pay 20% down, what is the best way to finance this deal?
Appreciate any help.
Ayman