My First Deal!!

[Gregory Jimison]

Well I have finally pulled the trigger and am currently completing the process of purchasing 2 fourplexes from a bank! Here are the numbers, let me know what you think. 100% bank financing 140k property (both buildings) 40k construction (rolling into one note) 20 year term @6.25 2 bed 1 bath units 3496 sq ft Built 1900 Property is in C/C+ neighborhood 2 blocks from a university and medical school. Property is in okay shape but needs a new roof (no leaks just near the end of its life) and needs rewired (not up to code). All utilities are separate except water/sewer. Average market rents $640, section 8 voucher is $493 with tenant paying all utilities (will be more due to water sewer). Let me know what you think.