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Updated over 3 years ago,
3 townhomes, 1st time help!
Hey I'm in South Central PA and am a new REI. I am working with my partner and we are looking to get our first deal. I'm working with a local agent who is awesome! I happened to be driving on a street near my house and it had a phone number, I called.
I ended up meeting a rental giant in the area- for one reason or the other, his property management(and he owns also) is selling some properties to downsize.
Long story short, I didn't like the house he showed me but he had a giant list of places- the list included the rental income, taxes and insurance they paid along with an appraised value that happened within the last 6 months.
There are 3 townhomes right next to each other( Two are 2 bed 1 bath, 1 is 3 bed 1 bath), and listed as 110k, 110k, and 115k, respectively.
I can afford(my partner and I have around 62k cash for down payments and any renos) to pay for 1 place, maybe the 115k. 23k down payment plus 5kish closing. We want to leave ourselves some cash for renovations or immediately necessary repairs upon purchase.
I'd like to offer a proposal that we buy the 1 and do owner financing for the other two.
I had said to the PM that I'd love to have those 3 houses but I cannot afford it- he said "Well make me an offer, the #s on the list we are not married to." I take this as a bit of encouragement. We are meeting tomorrow for coffee so I can pick him and his wife's brain- they are happy to help new investors.
Can I get some feedback as to how to proceed??