Okay, normally I flip houses but I am seriously comtemplating keeping this property I came across.
Home owner is willing to let go of this Triplex for 160 000 mortgage he has on it + 10 000 he put into it, making it about 170 000.
The places are all rented out at 700, 750, 760 a month making it 2210 rental income per month.
I figured say I put 10-20 000$ down on this property and get private financing from private lender at around 7-8% interest, it would cost me about 900$ a month in payments plus about 500 in taxes and insurance.
So it comes down to about say 1500 a month in payments, 2200 a month in rental income.
The value of this property is about 220 000 on the low end comps and 250 000 on the high end comps.
I can easily flip this for about 30 000 dollars profit to an investor that would for sure buy it at 200 000.
Not quite sure what is the better scenario, ~~500$ a month positive cashflow right off the bat or 30 000$ flip.
I own zero rental properties btw, I have just been flipping properties.