found 2 3 unit apartment buildings

[Corey Woodruff]

I'm kind of bummed out I found 2 3 unit apartment buildings and the owner was letting me do subject to financing and I was only needing to put down 5000 to take over existing financing and while in the process of going over everything I realized they had TERRIBLE financing terms that absolutely kill the cash to nothing at all.. If I had my own financing this would be a well paying cash flow property. so along with the high mortgage and interest payments and having to pay some of the tenants gas and electric it doesn't make sense. Its hard to walk away from a deal knowing you only need 5k to get into 6 units but I guess you have to be disciplined and if the numbers don't work they don't work.