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Updated over 9 years ago on . Most recent reply

User Stats

37
Posts
3
Votes
James Haffner
  • Military
  • Oak Harbor, WA
3
Votes |
37
Posts

In contract! Now what?

James Haffner
  • Military
  • Oak Harbor, WA
Posted

My Gf and I just landed our first multi unit property under contract yesterday! 

It's a fourplex that brings in $3035. We made a deal at $307,500 for the property. 

Were going to use the VA loan benefit that we have to purchase the property and live in one unit. The total amount that we are going to put down is $20,945.00 after closing costs, and bringing the loan below 300k.

After all the expenses are paid including capex, PM, repairs, vacancy, water,taxes  & insurance. I calculated a cash flow of $430.00 roughly. Witch would be a 24.65% return on the cash we put down. 

The carpet is at 6.91%. Let me know what you guys think.

Now that we have the property closed on though I now need to inspect all the financials, and do a home inspection. Does anyone have any suggestions on the documents I should ask for, other than rent rolls, and utility bills? 

Any suggestions on how I should do this & what I should be looking for, the questions I should ask? This is my first home purchase and a little nervous. 

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