Hi all,
Looking for any & all constructive comments & suggestions, please.
Here is the scenario...
Lost my job about three weeks ago. Happy to have some time to think & regroup. Will be receiving unemployment & looking for work again (to satisfy them, not me).
Paying off one of two vehicles to manage monthly expenses better (3K payoff). Going from $950 down to $520 in those payments.
Found a pair of duplexes. One is rented for $950. per month and the other is currently being rehabbed (98% completed).
I have bad credit with a BK showing. Lost all assets in that process. Poorly protected. Major lesson learned in that one!
Seller wants 127K (down 13K from previous discussions :groove
for both. He is willing to carry a note for 4% with 20% down, 7 year renewable balloon (details to be determined), 1k per month payments. He is amicable & wanting to take some money and move to Florida.
I onlly have 18K available and would rather not have any partners on this one. Which leaves me a shortfall of $7400. not including settlement & closing costs. No realtor is involved (found it on my own & wasn't listed).
I would prefer to buy and hold until the market comes back (if it does). Not worried if it does not. Will hold for cash flow.
Current value is about 150K. In better times they were worth 250K for the pair.
Taxes are approximately 1600 combined annually. Tenants pay all utilities. These units are 3 story, 3 bedroom, 2 bath units.
Market rents are $1100-1200 per month.
By the way, I used to do this pretty regular in a different life about 15 years ago. Just starting back into investing after a long hiatus.
Haven't read Fastlane yet, but have it on order. It feels as though I have read every thing else related to re investing over the last 20 years. Had a mentor show me the ropes while getting started about 25 years ago.
Thank you,
Rick_MD
Looking for any & all constructive comments & suggestions, please.
Here is the scenario...
Lost my job about three weeks ago. Happy to have some time to think & regroup. Will be receiving unemployment & looking for work again (to satisfy them, not me).
Paying off one of two vehicles to manage monthly expenses better (3K payoff). Going from $950 down to $520 in those payments.
Found a pair of duplexes. One is rented for $950. per month and the other is currently being rehabbed (98% completed).
I have bad credit with a BK showing. Lost all assets in that process. Poorly protected. Major lesson learned in that one!
Seller wants 127K (down 13K from previous discussions :groove
for both. He is willing to carry a note for 4% with 20% down, 7 year renewable balloon (details to be determined), 1k per month payments. He is amicable & wanting to take some money and move to Florida.I onlly have 18K available and would rather not have any partners on this one. Which leaves me a shortfall of $7400. not including settlement & closing costs. No realtor is involved (found it on my own & wasn't listed).
I would prefer to buy and hold until the market comes back (if it does). Not worried if it does not. Will hold for cash flow.
Current value is about 150K. In better times they were worth 250K for the pair.
Taxes are approximately 1600 combined annually. Tenants pay all utilities. These units are 3 story, 3 bedroom, 2 bath units.
Market rents are $1100-1200 per month.
By the way, I used to do this pretty regular in a different life about 15 years ago. Just starting back into investing after a long hiatus.
Haven't read Fastlane yet, but have it on order. It feels as though I have read every thing else related to re investing over the last 20 years. Had a mentor show me the ropes while getting started about 25 years ago.
Thank you,
Rick_MD
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