Sounds good but is it a good deal?
I am brand new to Investing and this would be my first potential deal.
This house is right next door to my current home and the owner hasn't lived there for 3-4 years. (Lives with her boyfriend) She keeps it maintained and is in good condition. She has the home paid off and has mentioned about wanting to sell before. I want to cash flow this property eIther by lease wIth the ootIon to buy or Long term rent. My deal is as followed:
I would ask to do sellers finance so I could avoid a bank or loan at all.
Offer price - $125k
Repairs - $10k
Mortgage/Tax/Ins. - $675
RAV - at least $160k
Rent - $1400/m
Prices are very reasonable for my area.
Let me know what you think.
Thanks!