Updated almost 10 years ago on . Most recent reply
First Buy
Hello everyone, I have an opportunity to purchase a turnkey triplex for 280,000 in arbutus md. the gross rent for the property is 2,900 a month. this falls into the 1% rule. it has two 1bedroom units and a 2bedroom units. two of the units are rented now. the 2bedroom rents for 1,100 and currently has tenants with a year lease. the 1bedroom basement unit rents for 850 and currently has a tenant with a year lease. the seller owns the property free and clear and may be able to provide seller financing. I would be looking to have about 1,325 a month for expenses. which is a little below the 50% rule. my goal was to house hack the property and live for free. however, I am finding it very hard to come up with a financing plan that would provide that. I do not have to live in the property, just prefer to. with that said I am having a hard time coming up with a financing plan/offer in general. can anyone offer some insight?
thank you in advance