Sorry fellas. Error on my part. 1st Problem trying to get a post on BP before you hit the sheets!
Here are what the numbers look like and the info:
Asking $175,000. The Seller does not have a note, it is free and clear.
Central HVAC heat pump. all unite are individually metered.
Current Rents (Under Market Value): 2 units at 450 and 2 units at 475 ** Market value is 525
He has escalation clause for 2018 for a $25 increase across all units for monthly rent.
Yearly Income: 1850 x12= 22,000/ YR
- Expenses (yearly):
- Water/sewer: $1800
- Garbage: $480
- Lawn Maintence: $350
- Taxes: $1667
- Insurance: $1137
- Total: $5,434/ Year
Net Income: $16,766
I cannot recieve conventional Financing until February due to my job. I am a RE agent and working on full commision. My 2 years at full commision will not kick in until that time therefore I wont be qualifying with my 33% tax bracket. So my problem here.
I believe this deal is great starter due to the fact he will seller finance it to me until that time I can conventionally qualify.
Im jogging for ideas on putting a deal together. Thanks for the responses this is my first time getting close to a finish line.