-I AM HANGING WITH THE BEST RE MINDS IN THE COUNTRY-
First off, thanks to everyone for the great knowledge they have shared with the forum members. I have been poking around and have found some great info.
-SUBJECT PROPERTY-
I am trying to secure a 2 family property (with an extra 1 bedroom unit) that has a total rent roll of $4,100. Assuming that I will be occupying the main unit, there will be a total of $2,650 in rental income from the other units.
-LOOKS LIKE A GOOD DEAL-
The asking price was $725k, but I have already gotten the signal from the real estate sales person that the sellers are tired of carrying the property, and just want to get rid of it (not a financial issue for the sellers) that I could get the house for $575k.
-CASH IS LOW-
I have under $100k available to put down to cover downpayment, closing costs and for reserves.
-THIS IS WHERE YOUR EXPERTISE IS NEEDED-
What’s the best way for me to structure this to have the lowest monthly payment and gain control of the property ASAP?
Thank you in advance for helping me.