How does this sound
Building for sale in great area
Price 3,000,000
Rents 23,000/month (never vacant)
expenses = about 5,000 before debt service, includes all else.
Is this a reasonable buy?
:shocked Wow :shocked
You do not have enough information to evaluate this properly. I will evaluate what you have here and add in some of the rest as speculation, but much more information is needed.
3,000,000=PP @ 5.0% int / 30yr= 16,105 /mo
taxes on a property like this=?? 2,500/mo
insurance for a property like this?? 3,500/mo
management =10% 2300/mo Unless you are very good.
maintenance 5000/mo that you were talking about?
Total=29,405/mo. cost
income+ 23,000
loss=6,405/mo.
Now you tell me if this a good deal?
Redhawk
If you’re just starting out, you should chop a couple zeros off that price and start looking in that price range. If you’re not starting out, you should already know something about evaluating property.