Good Deal or Bad Deal?

[Nathaniel Michael Dunkin]

Hi, I’ve been a BP lurker for a while just stacking money. I’m in college right now for finance and economics. 0 Debt. My fiancé graduates a year from now with a bachelors in Nursing and we’ve been looking for a cheap cheap starter house.

We live in Ky and cost of living is very low and our market is cheap but rent is good.

Our goals are we want a super cheap house around the 50-70k range that we can pay off fast. Then rent out, find a tenant and refinance that house for our forever home while also buying other properties.

We just found a deal where a guy is wanting to sell all 5 of his properties for 125K. One of them gave a tenant renting it and the back garage is being rented. As to the rate I’m not sure until we meet with him thursday. The other 4 properties are vacant and we’ve looked a them. They hate good bones. The problem is our local lender only approved me for 80K so the guy has agreed to sell us 3 for 75K.

We feel like this is too good of a deal for us to pass up. We can just pay the loan off fast and then have 3 units to start with! We would love advice from you more experienced out there. Thanks for listening.