13 units for $150,000.00

[Travis Soileau]

Hey everyone I found another buy.

I talked to a real estate investor that is ready to get out of the market. He is ready to start unloading all his investments. He is 67 years old and ready to start getting out of the game. I am 26 years old and ready to get into the game.

I talked with the real estate investor today. My uncle who is paralyzed setup the deal. My uncle has 15,000.00 I have 15,000.00. I will do all the work to keep up the unit because I already have 4 units and know how to keep up rental property.

In all the excitement I told me uncle that we would do the deal 50/50. Now that all the "love clouds" are settling I began to think about this. I am putting up the same amount of money. I will do all the work. And we both get 50/50?

Here are the numbers for the units:
70,000.00 for the unit:
450
300
300
400
300
400
500
2650
Insurance 200 a month
Repairs 200 a month
Tax 300 a year

80,000 for the second complex:
450
600
450
400
400
450
2750
He pays the untilities for the people: 900 a month
1850
note: 65,000 = 700 a month for 20 years

200 insurance
200 repairs
300 a year taxes

150,000 for 13 units and 2750+2650=5400.00
expenses about 3800.00 = cash flow = 1600.00 per month
What do you think about this deal?

Would you agree with my numbers?