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Updated over 8 years ago,

User Stats

4
Posts
1
Votes
Brett Welschmeyer
  • Jefferson City, MO
1
Votes |
4
Posts

First Purchase - Should I do this deal?

Brett Welschmeyer
  • Jefferson City, MO
Posted

First off, I am learning so much from this website and podcast so thank you all! 

I am looking at putting an offer in on a property in my town, it's a triplex that was originally a home converted into 3 units, built in 1920, with new roof, siding, water heaters, electrical and Plumbing. 

The property is a quarter of an acre in a decent area, and appraised at 96,000 according to GIS. The current owner had a partnership in it, which dissolved and is why they are selling. They pay Trash, water, sewer and the tenants pay electric and other needs (cable etc). The gross income on the total property is 1300, and he is asking for 109k. 

Looking into the calculator on here (thank you its awesome) If i can get in the deal around 85-90k I can be cash flowing around 450 a month. Which to me isn't to bad. 

One thing I want to negotiate in the deal is a small concrete building used for storage that is owned by an adjacent land owner that the current owner knows they are willing to sell. I figure I can get an extra 150 a month rending storage units to the tenants. 

I am wanting to put an offer in for 85,000 and they negotiate the shed units into the deal so we can title everything as one. 

Is that too much to ask? What is some things I should look out for? 

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