Canadian Turnkey Deal
Hi I'm Looking to get into Real Estate Investing I got this Deal from a local turnkey company here in Canada from the looks of it the deal isn't good.
What's your opinion?
2 bedroom Condo
Deal Selling Price : $269,900
1st Mortgage @ 80% : $215,920
Down Payment @ 20% : $53,980
Estimated Legal Cost : $1,300
Total Money Cost In Deal : $55,280
MONTHLY INCOME
Rental Revenue : $1,510
Less Vacancy ( 5% ) : $76
Net Rent : $1,435
OPERATING EXPENSES
Property Tax : $151
Condo Fees : $251
Property Managment ( 4% ) + GST : $60
TOTAL EXPENSES : $462
Net Income Before Financial Expenses : $972
Finance Expenses : $910
3% Variable Interest Rate
30 Amortization ( Years )
5 Year Mortgage Term
CASH FLOW : $62
Average Principle Paid on Mortgage : $399
NET GAIN : $461
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