City: Villa Park, California
My uncle wants to sell my a property for 800,000 through seller financing and no interest. Market price is approx. 1.2 million - 1.6 million. Estimated rent: 4000-5000
Neighborhood property ranges from: 1 million - 2.5 million
So my question is, is it worth it to buy this property in this Class A neighborhood. I know the rent is approx. 4000-5000, but will i be able to rent it out for that much? If the tenants have that much money, wouldn't they be able to just buy the property themselves?
Or should I buy then maybe do some quick rehab and flip it?
Thanks in advance
Those are flip numbers.
For rental, you can use rentometer and zillow to get an estimate. If you want more accurate information, ask a realtor to pull you comps for a rental house with similar square footage, beds and bath located close to the property.
Some tenants may have some money but not the credit to qualify for a loan.
Your Uncle offering you a zero interest loan of $800K for a property potentially worth over $1 million. I think most of us here will take it all day.
He's giving you $400-800k in free equity and also seller financing with 0% interest.
I can't believe you're even questioning if you should buy this unicorn once in a lifetime deal.
If you don't buy it tell your uncle to call me and I'll give him $825k for the property, lol.
P.S. This does not make a good rental you should definitely flip this one.
Don’t rent it , you’ll just be frustrated and lose a lot of money every month . Sounds like a good Flip