Updated 6 days ago on . Most recent reply
Specific financing options.
I am a newer investor and had been looking to purchase a long term buy and hold cash flowing property locally and I ran into an absolute home run deal. A property owner/manager is liquidating due to divorce and selling off all his properties and it is a very small market with little competition. the issue I am running into is upfront money. We can finance one of these properties via traditional 25% down investment. but I would like to buy all 3 and I believe I can get a significant discount if I can get all 3. below are the property values and returns using the full asking price, 5 years rental history, quoted 6.99%IR, utilities, maintenance, etc. and a summary of my financial position. any advice on how to finance these to maximize returns other than negotiating down the price?
Property 1- Asking $119,000 Cashflow $4,035 COCroi 14%
Property 2- Asking $89,000 Cashflow $3,703 COCroi 17%
Property 3- Asking $169,000 Cashflow $5,651 COCroi 13%
*I believe if I can make an offer on all 3 he will cover all closing and offer at least 5% credit back to purchaser which obviously improves those numbers.
| Financial Position Summary- October | |
| Gross Income | $ 265,000.00 |
| Net Income: | $ 196,612.00 |
| Liquid assets: | $ 33,935.72 |
| Total assets: | $ 922,052.13 |
| Total Debt: | $ 432,153.29 |
| Total retirements: | $ 406,416.41 |
| Debt to income: | 27% |
| Debt to assets: | 47% |
| NH Credit score | 645 |
| VP Credit Score(wife) | 736 |
| Net worth: | $ 489,898.84 |
Thanks for looking at this, any help would be greatly appreciated!