Financing

[Levi Painter]

Hey guys, I am a sophomore at college and looking at purchasing a rental property soon. I am looking at a 3 unit triplex that currently has tenants living in it. With all 3 units it rents out for $1,700 per month. It sounds like I could get the property for around $60,000. Is this a good deal? Also I am only working part time since I am at college, and am wondering what is the best way to finance this property? Do I need to find a private investor? I don't think I will be able to get a mortgage from the bank. Any thoughts?

[Levi Painter]

Thanks Ken! I am not positive I could get it for $60,000. His asking price is $80,000 but he seems to be a motivate seller because he actually just had to move out of the state and can't monitor it anymore and needs to sell. For this reason I would try to purchase it for around $60,000-$65,000.