Posted by Spencer Boatmun on January 30, 2004 at 20:34:56:
If you don’t have any loans with Bank of America, you might be able to do this with them. They do offer in-house mortgages. I have 3 in-house (that is their maximum before they go conventional) with them right now, but one of them is my residence. I don’t know if that matters or not.
Is this a possible deal? - Posted by ChrisO(KCMO)
Posted by ChrisO(KCMO) on January 29, 2004 at 16:33:22:
Here is what I have found, package of 3 duplex’s(6 units)each listed(mls)@$65,000 for a package total of $195,000.00 in Kansas City MO.
Rent range is $500 per unit with 4 units rented at this time on a month to month lease. Other two are vacant for some repairs and left vacant for showings. My understanding is these two have been updated kitchen, paint and flooring. Also new sewer lines to street. Not sure on the others yet. I am in the process of rounding up comps for the area, but it appears as none in the area have sold in the last year or so. But I do own a duplex 20 blocks to the north of these that apprasied at $77,000 last year, AND a duplex south about the same that apprasied at $172,000 at the same time(refi’s)… Per listing agent insurance is $700/year and repairs are $750 per my agent sounds as if listing agent has been management also(out of state owner)…
On paper
Gross rent at full occupancy would be $36,000.00
Gross Income(10% vacancy)$32,400
NOI $30,950
Cash Flow for a 80% Loan @ $195,000($156,000) would be $18,600 or $1550 a month.
Now I don’t have the 20% down so I was thinking going at asking price with a 20% seller carry back. Is there any companies that will do this right now? How would you structure the plan on a carry back intrest only?
Any other thoughts on a possible way to go on this?