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Updated over 6 years ago,
Looking for advice on my first rental purchase
I was recently doing tree work on a property with 3 alike but seperate homes. The owners live in a different state and the property manager who’s a family member said they want to sell.
The deal
3 two bedroom homes
Rent $600 $550 $550 =$1700
Purchase price $75k
Taxes insurance $3600/yr
They need some light landscaping work that I can do but also could use but not needed now siding and roofs. I haven’t been inside yet though either. They are currently all rented out with one tenant moving in a month or so when she closes on a house she just bought.
My issue is I have some cash but I’m not very bankable because I’m young and self employed. Im looking for suggestions on wether or not this is the right first deal for me and ideas on how to finance this deal.
I don’t think seller financing is possible however maybe if it was good for them.
Thanks in advance