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Updated about 11 years ago,
will these numbers work
i came across a deal and I would like to run the numbers by everyone to get their opinion since this would b my first deal and I have no experience. Here's the deal:
2006 14x65 2br/1b
Currently occupied with a renter of a year @ 450/m rent with 150/m lot rent. The lot rent is paid from the 450. He wants 8500 cash or will owner finance with 2k down and 300/m for 24 months. I think I can come up with the down payment and I'm ok with the terms, but my rent income would go 100% to my note. I just don't know if I should stay away or go for it because as long as it stays rented it will pay for itself eventually.
He also has a 14x65 3/1.5 with a 5 yr renter @ 300/m minus 124/m lot rent for 6500. I would like both but it would be a couple years before I saw a positive dollar.
I'm trying to sell some man toys to get the 2k and I feel confident I can scrape it up. I could also take the 2k and pay off a current 401k loan and then I could borrow 8k.
Any tactics from the experienced? I've been reading these success stories and I'm anxious to dive in!