I think this should go in this forum... So, maybe it is a little desperate on my part but I could squeeze into this what appears to be a highly cash-flowing storage facility (actually 4 separate) in Trenton, NJ. It is about 1/2 hour from my house. Some of the neighborhoods are iffy. Numbers are good --- NOI - if it s true is around 40K for a 250K investment. It's a total of about 46 units. They are the kind that are garages that are curb side in the middle of a city neighborhood. There are 4 sets of these of about 10-13 each. So, I could borrow to get this down-payment and walk away, after I got some financing (I think I can get), of about 10K a year. Hopefully, I am having other money coming in to pay down this loan as well. Now, it's not in the best area - that is a concern.
Anyway- just putting it out there - thanks for anyone's help here.
@Dan S. I'm guessing if you're worried about the area, you should pass on it. At that small of a unit count, my guess is there isn't adequate security (fence/gate/cameras) etc.
You can post more about the specific numbers and we could probably help, but judging by your post all of that won't matter as much as the area.
Nope, don't overleverage yourself on an iffy deal.