Investment Opportunity Kileen, TX Apartment Complex Funding

[Aaron Gilmore]

In Killeen, TX there is an apartment complex for sell at $285,000 currently. I'm looking for any help to find a way to potentially fund this and any opinions about whether the deal is any good. After running my numbers it looks like a great opportunity if I could find a way to fund it. 

The property is two buildings with total units:

4 - 2bed/2bath --- which according to rentometer could rent at $550, so I assumed $500

10 - 1bed/1bath --- which according to rentometer could rent at $440 so I assumed $400

Total income - $6,000

Total PITI comes to about $1,800

And after assuming even $2,000 a month of expenses ... that leaves $2,200 in cashflow.

Any help on this would be greatly appreciated. I am new to investing and have been trying to get involved for about 6 months. 

Thanks everyone 

Aaron Gilmore

[Cody L.]

Two different questions. To fund, go to a local bank. They'll do 80%. You need $57k (+ some for closing, but then you'll get credit for property tax and rent prorate + SD). If you don't have the $57k, go the F&F rout, then local REI groups, then HML in that order.

In terms of if it makes sense, yes.  That's easy.  $6k rents for under $300k is a slam dunk.  Buy it.