1418 Lansing Street
Atlanta,GA 30315
2bed/1bath in each unit - 2 units both rented at 400/month each - one tenant has lived there for 2 years and other 6 months.
1000 sqft.
Comps:
1417 Lansing St. S.E. Atlanta 30315 04/27/2006 $109,900
1388 Lansing St. S.E. Atlanta 30315 09/27/2005 $263,000
1424 Lansing St. Se Atlanta 30315 03/23/2004 $159,500
Mazoo,
Besides the fact that you are violating the forum rules by posting this advertisement, this is NOT a good deal. With $800 gross rents and a purchase price of $90K, this property is cash flow NEGATIVE! I like to buy properties that actually make money - not lose it!
Mike
Hmmm… I would have to disagree with you on that. 90k loan at 6% is around $540 add taxes and ins about $680… Tenants pay all utils.
Positive cash flow right now… positive cash flow for one whom purchases property plus the instant equity
Also if I did violate forum I apologize and please remove posting if so. I definetly enjoy reading information on this site.
Mazoo,
I realize that you must be new at this, but your math is FUZZY!
The mortgage, taxes, and insurance are FAR from all the expenses. In the real world, you also have maintenance, vacancies, management, evictions, legal fees, court costs, exterminations, lawsuits, office supplies, fuel for your vehicle, and much, much more. Throughout the entire United States, operating expenses (including capital expenses) run 45% to 50% of the gross rents. In your case, about $400 of the gross rent would be operating expenses and $400 would be left to pay the mortgage. Anything leftover would be profit. Unfortunately, the mortgage would be $540 (if you could get 6% on an investment property). This would leave a monthly loss of $140.
That’s the real math.
Mike
This is a violation but the responders are making valid points. I have removed the most offensive parts and will leave it up for the informational purposes that it can serve…
Keith
Moderator
Thanks for the heads up on this FABULOUS “deal.” ;D :