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Updated over 3 years ago,
Help! With First deal
Okay, I need some help. Quick! Divorce was final in Dec. I'm homeless (staying with relatives, & on food stamps). I just opened my wallet and all I have left is $25 to my name. Well not including the dollar or two of lose change laying around.
I found this deal in that is a 4plex rent is $600 a unit. (Rents are below market. Market Value for rent in the area is $750. This deal needs a total of $79,025 to purchase. Purchase price is $290k Once rents are raised to $750 the value would be $310k using the Cap/NOI or what ever formula I found. I have no Idea what I'm doing or how the F this will go, but I have no choice.
Would you buy this deal?
Please help!
Thanks!