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Updated over 7 years ago,
1st Deal - Need Help
This will be my 1st investment deal and i'd like some help. Here are the numbers followed by some questions.
Personal Side:
$50K w-2 + $50K personal note I own
$40K savings
Credit Score around 750
No personal debt
Property Deal:
4Plex/8bd-4ba/3660sf/1970 year built/75009 zip in N DFW/Recent Updates Made
Asking price is $365K
3 units currently rented at $850mo/realtor thinks they can rent for $1Kmo
Fast Growing Area
Financining Option:
FHA Loan quote is $30.5K cash needed to close
interest rate is 4.75% APR is 5.8%
approx. mo payment is $2976
Questions:
Obvious one - Is this a good deal? If not, then How can it be?
What strategy should i use (buy/hold, etc.)
Exit strategy options & timing?
Am I missing any info needed to analyize deal?
BTW - this is not only my first deal...but i'm the new guy here and it's also my BP first post so your feedback is much appreciated.
With Gratitude,
Brad
p.s. I live in Celina TX if anyone wants to connect!