I have a contract for a triplex @ 260,000K and it appraised @ 288,000K.
All three units are rented at 600$per.
What is the best way for me to get the cash out of this property?
I am not sure I want to be a landlord!
I hate to tell you this but I think you overpaid.
A 6% (which is really a “homeowner” rate) mortgage would be $1500/mo BEFORE taxes and insurance.
Unless you can improve the rental amounts substantially somehow, good luck finding a buyer. You may be best off just walking, and forfeiting the earnest money (or exercise a contingency if you have a good one in the contract).
I’m with joel. I don’t know where it is, but it’s an alligator, for sure!
Keith
Can’t get cash flow from renting it at $1800/month…
Trying to finance it 100% will pull out temporary cash, but then you’re even more upside down on the monthly cash flow…
I’d punt on this one…