2 PROPERTIES
Numbers reflect both props
Value: 90k
Repairs: 12K
Asking price: 70K
Down Pymnt 15K
Balance: 55k
Rate 7.5%
Term 10yr
Potential Rents 1200
I only do LO’s, but just looking at these numbers, if I’m understanding correctly, you would get them for $70k, put $12k into them, now you are at $82k, and they are worth $90k (hopefully)You put up $15k plus $12k for the repairs, for what is hopefully $8k in equity…doesn’t look too good to me, IMHO.
I think I’d rather take the $27k to Vegas and kills some brain cells and do what people do out there…again…IMHO…The returns are nice, but short lived though.
on a 10 year note your payment will be over $650.
I don’t see how that can work.