SFR Properties

[Patrick Rowe]

I have a SFR property under contract and wanted to get some input on this deal. I have a banker that will lend 80% of the appraised value on a construction loan for 9 months to purchase and fix up the property at 5.6% interested only. Once it renovated it will convert over to a 30 year loan at 5%. Also this is my second rental property this year. I have the first one rented out already at $1075 per month.

3BR 1.5 BA 

1181 Sqft LA

1418 Total Sqft 1418

21-30 Year Old

Purchase price- $48,000

Renovation - $15,000- $20,000

Appraised Value $ 91,500

Rent- $1075