1st Deal Review Question-HELP PLEASE

[Stephen Sokolow]

Hi Group,

First I want to thank everyone for the amount of information I have learned in here. Here is the situation. I am a broker in South Bend Indiana. I went on a listing presentation for a tri-plex today. I really hit it off with the owner and want to try and buy the deal myself. This would be my first. Here is what it looks like. 

My Goal: Buy and Hold

Location: Mishawaka, Indiana

Property Details: 3 units. 

- 1 br - renting for $550

-2br - renting for $695

-2br - renting for $500

There are separate electric and water meters but the owner pays all utilities. The comps in the area are between $53,000-$63,000. The owner has a $47,000 mortgage that is not assumable. He manages the property himself. Insurance is $80 a month. Maintenance $180/month Taxes $120/month. 

The owner can not hold paper on this deal. 

I am looking to finance it using either private equity money or hard money. I am looking to get advice on every angle of this deal and whether or not I should move forward. Thank you