Deal analysis / advice for my first property
I was presented with this offer and would like some input. It is my first property and will help me jumpstart my investing career.
It's a duplex in Stockton, CA.
The property is valued at $280k
They are selling it to me for $250k
They want $100k and will carry the paper on the remaining $150k @ 3% for 15years with interests only payments ($375).
Current Expenses:
Property Taxes $1330 Yearly San Joaquin County
Dwelling Insurance $976 Yearly
Water $130 - $160 Monthly California Water
Sewer & Garbage $130 Monthly City of Stockton
Self Cert Mnt Insptn $205 Every 5 yrs City of Stockton
Front Yard Mowing $45 Monthly Parra Landscaping
Total Yrly Expenses $6,126 Yearly
Monthly ($515)
Total Income $19,200 Yearly
Rents are $800 per unit, but the market in that area is $1100 for a 2Bd/2Bath.
I would like to know from some people who have more experience if this sounds like a good deal as well as ways to come up with funding.
What are some ways I could get the $100k?
My plan is to get it cashed out refinanced within a year or year and a half and hopefully have money left over to BRRRR into another property and continue the train.
Thanks for any input and recommendations. I appreciate it.
Monthly ($1600)