4 plex deal

[Theresa Pearson]

I have yet to get my feet wet! seriously i have never bid,or made an offer on anything for myself,yet i have found a four plex listed for 194,000 ,its in a fourplex area if that gives any example to the type of neighborhood(low income),but its mainly all hispanics and stays rented from what ive noticed driving through the area,it is going to some rehab ,i was doing some figures and this is my plan:
listin price 194,000
make a cash offer of 115,000 i will only buy at up to 150,000( ill do my best to keep it at 125,000 or less)
find an loan of atleast 30,000 more than the price purchased for to cover rehab,etc.
it looked as if atleast 2 apts were rented if so i would start rehab on one then another and either request the other renters to move in rehabbed apts at a higher rent or give notice of remodel to vacate.
i am assuming from being in the remodel field that one apt will take a full month or two to rehab depending on the need,
soon as on apt is rehabbed i will try to have it rented with in that month in order to start acquiring cash flow on each
so by the time i get to apt 4 i should have it listed to sell at 215,000,
each month a pymt of 1,000 toward loan until it sells 6mth -yrs loan should be down to atleast 110,000,i would pay it off and have apprx
155,000 loan
-125,000 price to buy
=(30,000 rehab)

1,000x1yr(12mths)=12,000 paid towards loan
155,000-12,000=143,000 due on loan

1 yr list to sell at 215,000
possibly after 1 yr on market sell for atleast 200.000
this brings loan down another 12,000 for the listed year

143,000-12,000=131,000

sell for 200,000-131,000(bal on loan)= 69,000
the loan interest and amt for gratitude of the loan to start my investing would amt to 25,000

the remaining 44,000 i would stick with the one who helped me with the loan and start a new project.

tell me what you think?
69,000-25,000