This is the sellers listing for a property with good rents - 9 units in total. Just curious is anyone has any thoughts on this property? Particuarly with respect to the seller financing part…
Property consisting of 2 buildings with six, 2 br apts and three 1 br apts. Coin-op laundry. All utilities, gas and electric are seperate. Owners meter as well. Two of the 1 br units are partially gutted for update and are not rented.
Annual income with 7 units rented is $55,200.00. Additional income of $13,200.00 for the other two units when renovated. 2004 expenses: electric $828.43, gas $568.56, trash removal $1,964.50, insurance $2,467.00, water $3,666.95, taxes $3,000.00, misc expenses $4,194.03.
Property is being sold as is, and the price is firm. Please do the math and if you are a serious qualified buyer call with questions or to arrange a showing.OWNER WILL PROVIDE FINANCING OR TAKE BACK $200,000, CALL FOR DETAILS
I’m all for owner finances, it normally doesn’t tie up your credit, or your $$$ (normally little to nothing down), that will allow you to not get stuck being a landlord, but will allow you to purchase additional properties.
Not sure, what I’m getting from it owner will either Fianance all or part, sounds like he wants to finance part of it at least…give him a call…that’s a good deal,
Also if owner will finance, you can avoid getting a commercial loan which is 1 costly, 2 takes a lot of time