I'm purchasing (2) 4plex units in Phx Arizona. I've got an offer accepted and just getting my ducks in a row..
I appreciate any inputs, recommendation, etc from seasoned investors!
Details:
Price: 440k for 8 units
Avg Rent: $600 (market rent is around $650)
Taxes: 1560
Insurance: 1200
Water/sewer: 2100
Trash: 1000
Maintenance 5%: 1440 , Vac. 5%: 1440 , CapX 5%: 1440
Prom Mgmt 8%: 2300
It's going to be my 1st multiunit...Here's the situation. Seller wants a cashdeal only. I'm offering all CASH deal for this price, going rate for 8plex is between $480k to 520K so I'm getting a lil discount. My thought is to refinance it in 6 months and get money out... It's doable right?
My agent got a hold of inspection report previous buyer got done but backed out. I went over it and nothing seem major issues to fix. So I'm not going to do full inspection, just walk each unit and maybe get a roof inspection.
My questions are:
1. Should I still do my own inspection from a professional or since other report is done within 1 month, should be ok?
2. Should I get a appraiser to give an opinion? OR should I go with comps in the area if they are all higher than this property?
3. Any tips on getting cash refi any sooner? (I'm borrowing some money from friends)
Thanks!