Looking for the best way to finance a my first investment buy & hold deal w/o living in the property.

[Sherron Finney]

I recently came across a deal I obtained via a postcard campaign. ("Buy your House Cash AS-IS") 

Here's the deal

-2 Family (on a good block)

- $2000 Rental income/monthly (full occupied by tenants 1) 10yrs 2) 4 yrs

-$7,000/ taxes annually

-$100,000 minimum amount owner will take 

This would be my first purchase as an investor and I don't want to live in the property. I also don't own any other property at this time. 

My question is, what would be the best option to purchase this property without exhausting all of my cash reserved for the 25% down, which would be $25,000?

[Brian Gibbons]

I would ask about the note that exists, does one?

Consider negotiating a "wrap around mortgage purchase" if there is a note.  

$100K property w $2000 coming in sounds nice.

Maintenance?

Avoid banks if you can.

Need to know existing financing.

Here is a form w info sheet - q's to ask sellers

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PROPERTY INFORMATION WORKSHEET

Address __________________________________________Date _________

Location / Cross Street _______________________________Map Pg# _____

Seller _______________________Ph# ____________Alt. Ph# ___________

Listing Agent _________________Ph# ____________Alt. Ph# ___________

CONDITION

__Occupied / __Vacant_____ Bed/_____ BathConstruction _____________

A/C ___________Elect. Amps ________Garage _____Year Built _______

Roof ____________________________________________________________

Exterior __________________________________________________________

Interior __________________________________________________________

Kitchen __________________________________________________________

Baths ___________________________________________________________

Plumbing ________________________________________________________

Appliances _______________________________________________________

Neighborhood ____________________________________________________

Other Work Needed ________________________________________________

________________________________________________________________

FINANCIALS

1st Lien Bal. $_________ 2nd lien Bal. $_________In Foreclosure: __Yes/__No

Asking Price $_________My Offer $_________Resell Approx. $__________

Terms: __ Subject To, __ Agr. For Deed, __ Seller Fin., __ Lease Option, __ All Cash

Additional Notes __________________________________________________

________________________________________________________________

________________________________________________________________

CONTACT RECORD

NameDateNote

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

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