How would you buy this?
I don’t have available capital right now, but I really want to buy two 4-piexes (one transaction) in my area. I’d love any advice or strategies that can be offered.
List price: 1.250
Sf 8,792
Tax 8052
Gross scheduled income 86400
Insurance 1416
Water/sewer/garbage 2004
Electric 6912
Other 876
Total expenses 19260
Net operating income 67140
(These numbers look kinda pro forma to me)
Units are 2bed 1 bath 1025 sf
Central, coin operated laundry.
All units are rented for 900.
According to rentometer, average rent for would be 1400 for 2 bed, 1600 for 3 bed. (Will confirm that with property management on Tuesday)
According to the assessor, the last loa out on this place was in 2005 for 201,100. I imagine that it might be paid off by now.
I realize that many of you would say don’t do it, but for my area, this is a good deal.
My first thought is to try an owner financing situation, but I don’t have any cash right now for a down payment. This leaves me unsure of how to proceed.
C’mon BP, don’t disappoint. Give me hour best ideas for this one!