All Forum Posts by: Devon Daniels

Jon: I have good relationship with some banks and credit unions locally . I assume I will get something affordable and conducive to my business model.

Sanjiv: I'm planning to make an offer Monday. I was going to try them at 14,000 but I'll try even lower. The house you referred me to is in need of an electrical overhaul and some cosmetic work. I thought multi-family units were more appealing to an investor.

Im willing to do 20 or 25yr. With a mortgage of $120 at 7.5% for 20yrs my cap is still over 40%.

I found a duplex forclosure for $19500. Its about 100 yards from a housing project but the area isnt bad( esp compared to other housing projects in the city).One unit is not ready to rent and but both will need some work. From my rent estimate from similar properties closr to it I assume I will get around $550-650 rent. My mortgage @ 30yrs depending on the rate and downpayment will be $80-120. My cap will be over 50% if both units rent. This is my first attempt at buying an investment property , so should I make the move?