BRRR Pulling the trigger
Hi Guys-
Let me start by saying thank you in advance for any help and replies with this. I have had some issues trying to use my collateral property towards a loan with a couple different banks. A couple issues that have popped up are related to the fact that I haven't had the properties for more than two years. They are cash flowing- they're paid off- and actually doing quite well. Fast forward to this week- I have found a bank that has seems to have a promising outlook on giving me a loan for around 100k, I have a property in my sights - it is in a great area of town , in a historic district, completely remodeled and should pull close to 1100-1200 a month. After all expenses I am hoping to pull between 350-500 off this one. It will be the first mortgage I have . He is asking 114,000 I am going to be coming in at around 88-90 and try to stay under 100k. House is well worth it being in the historic district and in walking distance of everything.
Assuming the bank allows me to have this loan and assuming the guy selling accepts the offer I present to him - what do I need to be cautious of or aware of moving forward before signing for this loan. Any insight would be great, I am hoping to have some equity in this- I know turn key rentals aren't always the best thing to jump on but I am focuses on the location of this house more than anything. 3/2 great area, would present nicely as short term rental during tourist season or a long term rental .
Always looking for contacts- thanks Guys
Burt Gourley RN