Need Private money or deal partner
I just got duplex in palm beach county under contract for 130,000and the value is $160,000. it is a 3/2 rental income $1,200 and the 2/1 rental income is $500 as per the realtor for a total monthly rental income of $1,700. The property construction is CBS wth living 2,200 sqft. I want short tern loan from a private lender and utilize the property as collateral
Below is a break down of the potential deal numbers
Projected total income : $1,700
Minus all of the expenses below
Expenses
Mortgage loan payment (to be determine by the private lender)
Insurance: $175.91
Property Taxes:$175.08
Reserve for repairs/Misc $101 ( i am been very aggressive on this number)
Property Management fees:$100
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Total expense monthly $551.999
Looking for