My boyfriend is currently in a bit of a quagmire, and I’m hoping we can get some excellent advice here.He has found a property that he absolutely wants to purchase.

Purchase price: $215,000 Cash invested: $55,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

@Eli KingThe seller would need to contact the servicer of their loan and confirm it’s assumable.You would then need to qualify with that servicer plus have the funds to cover the difference between what remains on the loan and the purchase price for the home.

Purchase price: $110,000 Cash invested: $88,000 Woohoo my project is finally finished and is listed for sale!

working on purchasing a 8plex now in nd, Cyndi

Why do you think purchase contracts are so long and have such small print?

Yeah...I guess it depends on their expectations for a future home purchase and their ratios.

In other words, sufficient capital for the cash purchase of a property (plus rehab) and eventually refinancing the completed project to a long term loan.

We looked into purchasing the carts ourselves but insurance was difficult if you didn't have a fleet and general did not cover. 

Typically closing costs are around 1.5-3% of the purchase price depending on buy down points, tax proration, etc.