are these loan terms bad or good?

[Nigel Dixon]

I have been recently using some private money with the terms as following:

5 Year Interest Only with ballon payment due at end of loan

No prepayment Penalties

Will Loan up to 70% of the appraised value of the home

No Credit Score Needed

12% intrest Rate 

Flat 3,000 Brokerage Fee no matter how much the loan

`1,500 Attorney fee

Heres one of the deals I'm doing right now using this loan

Purchased Property for 50,000

Repair cost 10,000

ARV 110,000

Refi at 60% of 110,000

property rents for 1,100 a month

mortgage payment taxes insurance 825 monthly

275 profit monthly

Any feedback would be awesome!

[Aaron Miley]

If the private financing is ok with a long term hold. Also make sure you're putting some aside for CapEx, Vacancy, and Management, that can eat up to 30% of your monthly.

https://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/

https://www.biggerpockets.com/renewsblog/2014/06/14/how-to-calculate-cash-flow-rental/

Here's some good blogs on making sure your calculation is up to snuff.

Good luck!