All Forum Posts by: Jeff G.

Welcome from West Bend!

Good luck and happy searching 

Just ask your bank.

Usually between $1200-$2000 

I have never heard of a % being used.  I paid the roughly the same closing costs for both of my primary residences I have purchased and the purchasing price between them was very significant.

This would be my second deal with the same owner.  The owners husband has passed away and she wasn't involved with the business and doesn't want to be.

Property is being sold at a discount for quick sale.  

I am looking at an opportunity:

Single Family, Ask price $44,900 (projected purchase price of $40,000)

Taxes, $1,400

Rent $867/month (rented with long term tenant)

Assumptions:

5% vacancy

10% maintenance

5% reserve

Oh this would also be 100% financed long term with a private mortgage at 4.5%

My analyzing spread sheet conservatively shows a cash flow of $4,100/year or $344/month.

I really am not sure I want to putt the trigger on this one....

My first deal (duplex) is projected to cash flow at almost 6K/year and I really didn't want to look at anything under 5k.

I am new to this, but am I crazy?  I think if I wait it out I can find a better deal....

welcome 

Aall good advise, thanks!