All Forum Posts by: George Allen

Hey Cody,

Thanks for your reply. 

I’m a little hesitant, in the “analysis paralysis” phase, because I’d be without income for a year. But the unit is already empty costing $ to maintain anyway and doesn’t seem like people are looking to rent. Is this smart to do? Ahhh 

Hey Cody,

Thanks for your reply. 

I’m a little hesitant, in the “analysis paralysis” phase, because I’d be without income for a year. But the unit is already empty costing $ to maintain anyway and doesn’t seem like people are looking to rent. Is this smart to do? Ahhh 

Good day all. 

A friend just got his unit appraised in Bahamas for $282,000. Take away closing costs, he’s left with $245,000 in his pocket. He’s offered it to me for $240,000 and i pay all closing costs, 13% on the $240,000. Unit is in a great location, shops, restaurants, beach all within minutes of walking. Short term rentals are allowed. Fees are about $450 per month. Rental income is $2000 per month.

I reached out to a local bank, and they require 40% down payment. They’ll finance the 60% over 10 years. Not a good deal with the bank. 

Owner financing is not an option since he had a mortgage and bank will want their money right away if he sells. 

I have a vacant unit for rent he really wants to move into for $3000 a month. I’m trying to figure out if I should let him live in the unit for a year rent “free” if he takes off the annual amount, $36,000 off his asking price. 
Would this make sense? I’d love to read your thoughts. Thanks for your time!

where in Bahamas?

Fully Rented Apartment Complex

Asking price: $2,135,000

Annual returns: $213,000

All 1 bedroom units are rented for $725 and all 2 bedroom unit $1,150

All units have their separate electrical meters and operates by a water well system.

communal laundry room

all roofing is brand new! - Just redone in 2019

This is all the information the listing provides. 

Property tax is about $34,000 a year I figure.

Not sure what I'm doing with the calculator.

What key questions should I be asking the listing real estate agent?

Thanks all for your time,

George