2 unit deal in PA
I currently got 2 townhouses "right next to each other" under contract, each unit @ 38K (current market value for each @ 75K). They are currently renting for $800 a month each, tenants have been there for 6yrs in one unit and 2 yrs in the other. I will be managing the units, so after all expenses PITI + water & sewer, cash flow is as follow: $259 in one unit and $245 in the other for a total of $504 of monthly cash flow between the two. I have until August 6th. I'm currently not working with any private lender and my bank is going to take longer than the august 6th deadline. currently feeling a little stock, seller will not extend the contract. Has anyone been in that situation before? any feedback.
Juan Martinez