Off market deals in KC. Need some feedback!
I am looking at buying two off market rental properties in KC. Both are for sale for $40k. My manager / agent says that one could appraise for $50k-$55k and the other $45k. He had an appraiser look at them. Both properties have long term tenants that have been there for 3-5 years. They both will cash flow $200/mo each.
One concern is there’s deferred maintenance on both. Would love feedback and strategy on how to best fianance and negotiate this deal. Should we do normal financing with 15 year loan? Or, buy first one cash, refinance and then buy the other? Feels like a gamble with the appraisal. Seems like appraisals can be inconsistent. Thoughts?