First Deal

[Michael Huard]

Well, after months of searching, I have agreed to my first deal.

SFH ready to rent
appraisal $44k
cost $25k
Owner financing
$5k down
$20 at 7%, 15yr amoriz. 3yr balloon
Local rents - $600-700/month

It meets all of the rules and will cash flow.

I guess my biggest question is what to do in 3 years.Will it be easy to refi this property in 3yrs to a 15-20yr? I could pay it off during that time but want to focus any surplus cash on additional opportunities.

My 2011 goal is 3 properties.

Any thoughts would be greatly appreciated.

Thanks,
Mike