Updated over 6 years ago on . Most recent reply
Ins and Outs of Owner Financing
I am currently in communication with a 75 yr old gentleman who has an off market 4 unit for sale in upstate NY. The numbers are below. I am currently lacking some details and will update the post as I continue communicating with the owner. My question is, what is the best way to put together a offer based on owner financing?
Off Market 4 Unit- Asking $110,000
Rents $3075/$36900 Monthly/Annual
Repairs this year include:
New plumbing
4 water heaters
New rubber roof
Bathroom upgrades
Paint
Stoves
Refrigerators
I am being told the total annual expenses are $20,000. However I am waiting for reply for the breakdown. The rents include utilities.
Numbers Look like this:
Annual Rents - $36900
Operating Costs - $20000 (Taxes, Ins, utilities etc.?)
Left Over - $16900
Mortgage - $7368
Total Income: $9532