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Updated over 2 years ago,
Just put a offer in on a muiltifamily property. Tips and sugges?
Listing price 280,000
Offer 295,000
Average market rent 1400-1500
Income 2800
Expenses. 1400 Mortgage. 450 property tax. 200 insurance. 35 water. 100 vacancies. 200 repairs. Total = 2350-2400.est monthly expenses.
Conventional loan 20 % down.
59,000 down payment
10,000 closing cost.
10,000 new roof. 25 year old roof.
total money down 80,000
6% cash on cash return plus I’m building equity in my house plus gaining tax benefit's from depreciation ect. This is my first property I’m currently in CT where I have stable job and family around. I’m not totally draining my cash reserves incase a correction does happen I’ll have some capital to deploy to off set buying at a higher end market. I know we are in a hot market but what do you guys think I would love some advise. Am I missing anything ? Please and thanks in advance. First property btw