Updated about 10 years ago on . Most recent reply
6 unit- potential 1st deal
I'm looking at this 6 unit in a pretty good area that I think is a pretty good deal. It'd be my first deal though and I would likely need a partner help me with down payment/ managing the property and getting a commercial loan.
Purchase: 330K
Annual Rent: 62,000 Mortgage: 17k
Vacancy: 6,000 Taxes: 7,000 Insurance: 3,500
Management: 6,300 Maintenance: 6,300 Utilities: 3,600
Reserves: 6lik,300
I would be managing it myself and maybe with a partner so that 6k would be saved for capital exp, even though the property has been maintained and looks to be rehabbed in the past 5 years. Neighborhood is a B area. Thoughts as a potential 1st deal? I'd likely try for a FHA commercial loan unless I can find an experienced investor that could provide more options to leverage this deal