OWNER FINANCING 4PLEX

[Ed Akhionbare]

hello guys this is my first time looking for incite on this platform, so please be nice. I am current in the process of negotiation for a 4 unit 1bed/1bath  property seller is offering owner financing or full cash payment here is the run down and give me your opinion on it .

asking price is 62,000( accepted 60000) 

30 percent down

7percent interest

5year balloon(paid cash or private loan )

10 year amortization

current total rent (all 4 units total)=1350dollars a month

all utilities are paid by tenants (electricity and water),no grass to be cut (all concrete)

now I plan on managing myself even though its a 3 hour drive from me(plan on getting local handy man to take care of maintenance when needed.

note this is in a military town.but it does have a diverse population with job opportunity other than the service.

I will like your 2 cents on this deal..

another thing the building is made from concrete blocks(don't know how that affects anything..just threw that in there),,thanks

[Ed Akhionbare]

@andrew Jackson. I do have some reserves and actually be using a personal line of credit for down payment.it has been in market for about 16 days,now the building was built in 1950,the age of the building causes me some hesitation,also it is a concrete block building all the way,so I wonder how that stands foundation wise...sorry for late response been a busy week