Purchase price 160k
paying existing PITI 750/mo (68K) plus an extra 350/mo towards the difference of the mortgage and remaining principle.
Payoff and transfer of title is due in 24 months.
rent goes for 1600/mo or more. Property is on a double lot.
so cash flow and equity on the back end
How much did you put down?
How much reno will it take to get to 190-210k?
Is there a tenant in place?
I put $10 down and plan to have a tenant buyer pay the PITI plus the rest is cash flow. It needs no Reno, Its up to the tenant buyer to redo the kitchen if anything but as it sits, the appraisal came in at 191k. If you have a network of tenant buyers in NM, I'm happy to work with you
When you say "tenant buyer" do you mean
Sounds like deal has potential. One very important metric to understand though is cash flow. Cash flow is not rent - PITI.
Copy That. After expenses, The property should cash flow 5-600/mo with 30k equity on the back end
Chris, What I mean is the tenant buyer is someone who wants a lease with the option to buy. They will put a min of 10% down and pay slightly above market rent. the 10% is non refundable and goes towards the purchase price.
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