Posted by Marlin on August 08, 2004 at 19:25:05:
I am looking at a potential real estate purchase but really don’t have any experience with purchasing real estate. I was wondering if anyone could share with me whether they thought this asking price is too high. The owner has come down from $180,000 to $155,000.
A roadside motel consisting of 13 rooms; most converted to kitchenette sytle and monthly rents at $375. Currently 7 rooms rented at that rate. Also included is a 1700sqft office home which has big nice yard but an older house (in pretty good shape /vacant); A 2bedroom rental home on property currently rented at $375; A large trailer house rented at $375 month; 4 RV hookups spots 1/with older trailer sitting on it (vacant) and another rented for a camper at $100 month)
The Current Monthly Income $3,250 Asking Price $155,000 My projected Monthly Expenses are $2,729 based on owners utility costs, routine maintenance etc, and (before) Debt Service.
I would like to buy the place if it made sense. The owner wants to sell for health reasons. But I don’t know much about financing real estate.My credit score is around 700 but I couldn’t come up with much more than $10,000 at the most. Thanks for the help