Posted by Sue on August 30, 2009 at 10:10:20:
The Property is located in Saxton Pa
11 units 3500/max occ. -65k price…need financing - Posted by chris
Posted by chris on August 26, 2009 at 16:07:45:
The units are 50% full. They are duplexes. Condition is for lower income. They are livable, not luxury. Now getting 1700/mo. Taxes 360/mo.
I have a free and clear 55k value on a house. I cannot sell due to an arrangement with the tennants to buy.
I have experience as a landlord. The house free and clear is in Ohio.
Any suggestions?
Here is how - Posted by Tommy Ray
Posted by Tommy Ray on August 29, 2009 at 11:39:33:
A few years ago I was able to collateralize the house (actually the mortgage) I was selling (via owner financing) with the local bank (F&M Bank in Clarksville, TN). I got 80% of the value of that note for down payment to buy the second property. Keep in mind that you will also get 75% of the rents to help qualify. Should be a no brainer…
My Kind of Dump !!! - Posted by Jimmy
Posted by Jimmy on August 28, 2009 at 10:07:36:
numbers are attractive. done lots of deals like this. a few thngs to crank into your decision matrix:
- r u paying any utilities?
- why are half the units vacant?
- what happens at this place after 5pm? stick around one evening and find out.
- how much capital will you need to infuse into the place to make the vacant units rentable? how may capital projects can you see in the next 1-4 years?
- what’s the rental market like in this neighborhood? will 50% vacancy persist?
- any chance of having these duplexes modified into condos, for individual unit resale? that would be a home run scenario, albeit an uphill battle in most places.
how about this one, interested??? - Posted by Sue Robinett
Posted by Sue Robinett on August 28, 2009 at 22:25:35:
I have a 2 family house, I can buy, hold and fix for 125k and its worth 190k as it is now!!
I need funding!!! I definately share!!!
Re: how about this one, interested??? - Posted by cork horner
Posted by cork horner on August 30, 2009 at 24:13:24:
where?