Contracts on Multiple Properties
Hello everyone..looking for some guidance for this possible opportunity.
There is a landlord in my area who is burnt out and selling her 4 properties. I would like to approach her with possible owner financing but want to make sure I approach her correctly before doing so. I guess the first question is..
Do I have to have a different contract for each property or can I put all 4 properties on the same contract?
Here are the numbers:
The most I'll pay for each home is 25k. (100k total)
Each home will need about 10k in rehab max. (0% credit card will pay when refinanced)
Looking for a 10 yr term at 8% with a $5,000 down payment (Financing 95k). Monthly note would be roughly $1200.
Each home rents for a min of $700. ($2800)
Minus tax, ins, 10% CapEx, and 10% Vacancy left with around 700 cash flow.
Are these numbers feasible? My ROI is looking huge but I'm not sure if I have something wrong here.