Package Deal + 0 Down + Owner Financed = GREAT DEAL
Just thought I would share the deal I landed yesterday. Mainly to show others that if you don't have cash you can still be creative and work a deal. These properties were owned by a landlord that wanted out of the business but still wanted to make a little return on his money. The properties are in a so so area that isn't really appreciating but is a very good rental area. Very little vacancy in this area as the rent rates are affordable.
The Deal:
5 properties that are fully rented = $2,800.00
Package deal property value as is = $279,000.00
Properties are in good condition with some updates but will need minor repairs over the coming years.
Purchase price = $150,000.00
Owner financed with 0 down for 10 years (no early payoff penalty) at 6% = $899.33 per month P&I only.
Taxes & Ins = $442.91 (roughly)
Cash flow = $1,457.76
Of course there are all the other things like vacancy, maintenance and all that jazz but I just wanted to post high level info. I really just wanted to let others know that you can work deals with little to no cash of your own.