Updated almost 11 years ago on . Most recent reply
I need some help on a investment deal in nj thanks
I need help on a deal in nj. It is a 3 family home that needs about 30k of work put in. My family does construction so I already know the numbers to renovate the place. Two of the apartments are 2 br 1 ba and the other is 3br 1 ba. The lot is 5000sqft and the house is 3500sqft. It is not occupied. The price I'm paying is 220k plus the 30 I need to renovate. Taxes are 9k.
25% down 55k plus 30k for renovations is about 85k out of my pocket cash. Mortgage will be cheap and figuring I get a total of 3300 in rent give or take. I'm having a hard time pulling the trigger because it's a lot of cash to invest on one deal for myself.