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Updated almost 8 years ago on . Most recent reply

User Stats

28
Posts
18
Votes
Edward Smith
  • Investor
  • Milwaukee, WI
18
Votes |
28
Posts

How far would you drive?

Edward Smith
  • Investor
  • Milwaukee, WI
Posted

So here is my dilemma. There seems to be two pretty good deals on the table for me. And I can only do one for now. 

Deal 1 

3bed 2bath single family home rent rate around $1200-$1300 

25k sale price (very motivated seller) comps 50-60k

Taxes&Insurance est $216 a month. Total payments $507 a month 5yr term

I'm having my inspector take a look tomorrow.

Problem? Its 110 miles away in Chicago

Deal  2

5bed 2bath Multi unit(2). Rents 1400-1800

60k sale price (again very motivated) comps 70-80k

Taxes & Insurance $160 a month 2 long term currents tenants . Total payments $826 a month 6yr term(no baloon)

Problem? none really less income than the first that's really all and it's a lot closer to me 5-6 miles

Both are willing to carry terms with a little down 7k and 12k no interest on both deals. I'm just not sure if the first one is worth it even with a property management company. All feed back welcome

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