I am thinking about buying out my ex wifes condo for 50k
The value is 215k and balance is 142k.She has tenants renting for $2300 p/m.Loan and strata is $1600 p/m $700 positive cash flow.The condo is still in my name.I would simply have to give her cash in lew of signing condo over to her.No closing costs.what do you think?
50k for $700 per month.I only get 4.35% from bank with cd.
What is the question you are looking to have answered? Or are you just looking for an “attaboy”?
My question is,do the numbers work?
Should I buy it and try to refi it and get maybe half my cash back so I can purchase a second property? Or should I keep it at that monthy morgage amount? I see most of the posts on rental properties are $100 - $150 per month positive cash flow.Is it foolish to tie up that much cash?
I should of explained my original question in a different way.Sorry it was my first post.