First off I think it's a great deal but I could use a large complex owners eyes to make sure I'm not missing anything. Secondly, There's no way I have enough money to put for down payment. How would one be able to do this?
Property Description: 100 & 97 unit complexes being sold together with no price listed. Was originally sold in 2016 for 2.2 million . Since then it's had a few million dollars of updates.
Unit rents range between 900 and 1050 and are below market rent.
Purchase Price: ??
Taxes: $40k annually
Potential Monthly Rent Roll: $160,000+
Projected Expenses:
Property Management Company 9% of monthly rent: $16,000
Monthly property maintenance, move-out & repair costs: $25,000
Projected PITIA: $39,000 monthly
Advertising, office supplies, etc: $5,000
Waste, pest services: $5,000
Legal fund: $5,000/ monthly
Monthly Projected Expenses: $95,000
Monthly Projected Rent Roll: $160,000
I'm sure I'm missing a lot. Help a girl out. I've got HR experience, flipping experience, small rental property experience and business management experience. Is this achievable? How would I even go about this without having money available for a down payment?