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Updated over 7 years ago,
Am I crazy for doing this deal? I need help analyzing!
I have a deal that I need help analyzing. It's a commercial property on main st. in a town of 50k people. It is a mechanic shop with lifts, ect...Great location
purchase price- 229k with 20% down paid by the person who I'll be renting it to and will be selling to in 3 yrs for 260k. My financing will be 1300/month amortized over 20 yrs at 5.85 percent interst and the renter/future buyer will pay me 1800/month 17 yr amortization schedule at 6 percent. I'll hold my opinion back on this as I need another professional to brainstorm this.
No money down as the future buyer will put this down.
500/month net
future sell of 260k (3yrs).