Updated over 9 years ago on . Most recent reply
3 single family rentals
Hello, this is my first time on BP.
I am in the middle of negotiations with a couple of family members that include 3 single family rentals that are all currently rented and have all been updated. They took good care of the properties. Estimated market value is $150,000 but they are willing to sell to me for $105,000. The combined monthly income is $1,925/mo. The way the deal would be structured is a one year mortgage with my family members holding the note. After a year, I would own one of the properties valued at $35,000-$40,000 free and clear. The other two I would need to refinance with a bank taking my family members out of the deal.
On its face, does this appear to be a good deal for someone looking to make their first move in real estate investing and start some cash flow? Ultimately I would like to start flipping and apartment rentals but need a little nest egg to start.
Thanks!!!