Updated about 17 years ago on . Most recent reply
Ready for a Deal Analysis
Just throwing this out there for some experienced investors take on the Deal I have been working on. Found Two houses my partner and I like. Both are 2-bedroom Single Family Homes. I optimistic that I can acquire each for $60k. They can be rented for $850 or $900 a month. Their taxes are $2,000 each. They both are COMPLETE rehabs. (When I say Complete, I mean new Hot Water Heaters, New Furnaces, New Roof, New Windows, New Doors, New Carpet, New Paint, New Light Fixtures, New Electrical Outlets, New Bathrooms soup to nuts, New Kitchens, etc). I can get a 7% interest rate on each mortgage. From calculations, they should have a positive cashflow once rented and I'm keeping a positive booster the "brand new status" in my head. Any input? Yays, Nays? Also......there are NO properties in the same city going for this price that are even in "rehab" condition. Most properties are going for 20k or so more right now in pretty bad condition. Thanks!