tiredofworkin
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- Apr 28, 2008
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I have been looking at buying a sfh, list price is $131,950, currently it is a 2 bedroom(listed as a 3 on the MLS). Prior owner made a 3 bed a 2 bed, so it will need to be converted back, no big deal, for me. Plus a little paint here and there. Other wise the place is pretty complete and in decent shape. Rent in the area according to www.rentometer.com and local management indicates that this place will pull $1000-$1100 per month in rent, as a 3 bedroom, with some fix up.
It is owned by a bank, and it has been on the market for over 90 days, so I was thinking of offering the bank 10% down if they will carry back the rest at an interest rate of 1% over 30 years?
Realistic or ?????
Does somebody have a better suggestion?
I am looking for some cash flow out of the deal.
It is owned by a bank, and it has been on the market for over 90 days, so I was thinking of offering the bank 10% down if they will carry back the rest at an interest rate of 1% over 30 years?
Realistic or ?????
Does somebody have a better suggestion?
I am looking for some cash flow out of the deal.
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