Hi, this is my first post to bigger pockets. I'm in my early twenties, and just beginning to learn about real estate investing. I'm currently looking at a investment opportunity I believe to be great.
Asking price $429,900
Rent unit #1 $900
Rent unit #2 $0 Unoccupied ($1,200 once occupied)
Rent unit #3 $0 Unoccupied (I plan to owner occupy)
My plan is to offer the owner $5,000 down to carry the financing for one year. I will offer them $3,000 per month for that year. I will ask for that $36,000 to come off the principal at the end of the year. Making the purchase price $393,900 that I would finance via a DSCR loan at that time. The seller would keep the initial $5,000 for carrying the property for one year.
I can rent the one unoccupied unit for a minimum of $1,200 in the current market. I would occupy the third unit myself.
with interest rates high at the current market, I could refinance after a few years to bring my mortgage down and ultimately have a place that pays the mortgage itself.
Am I going about this the right way? Any recommendations on proven DSCR loans? How would you go about an opportunity such as this one?
