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Updated almost 5 years ago,
Found a GOOD deal, Need to know my options
Hey BP Community!
In my area I recently came across a fourplex that would be a great buy-and-hold investment with minimal rehab costs (numbers found below). The property that I found is not an option for house hacking so I wanted to open this discussion to talk about how you made the deal possible if you only had $5,000 to invest.
Here are the numbers:
List Price - $395,000
P & I - $1,419
Vacancy (5%) - $171.25
Property Management (10%) - $325.38
Property Tax - $166
Insurance - $66
Maintenance & Cap Ex - $200
Total Monthly Rent - $3,425
Monthly Net Operating Income = $1,083.39
Down Payment (20%) and closing costs ($3,000) = $82,000
Now these are just rough numbers so feel free to correct them as needed. Taxes and insurance were taken from other deals in the area and the county tax assessor website.
If you needed $82,000 as a down payment how would you make this deal possible??? Partner with someone who has the money and provide 100% of the hustle?