General Question. Please give your thoughts.

[Delmas Edwards]

Hey, guys! I have an SFH going asking for $39,000. The house is in great livable condition. The area is a nice area. 3beds 1 bath 1020sq Which terms are good for starting out on 1st rental?

Private Lender Terms

Property Specific Loans

4-5% on Loan Fees 

Interest Rates 7%

75% to lend for purchase price

Appraisal have  to be 45K or over

Seller has Land Contract Terms

Purchase price 45K 

12K down payment 

$600 monthly 

5years or less payoff