Morning folks! I just put a contract on a group of rental properties and I'm looking for issues.
Details of contract : 8 neighboring properties for $349k. Obviously, these are not big houses, but they are all currently rented and have been run by the owner for the last 60 years. Current, the monthly rent income on the group is 5.2k.
With 20% down, I'm looking at a loan of $314,920 and with interest, prop tax, PM on a 30year I'm getting around 1.5k.
This looks fantastic to me, but I'm looking for help picking it apart for possible deal breakers. I've got a 15 day option period starting now!
Thanks in advance.
Details of contract : 8 neighboring properties for $349k. Obviously, these are not big houses, but they are all currently rented and have been run by the owner for the last 60 years. Current, the monthly rent income on the group is 5.2k.
With 20% down, I'm looking at a loan of $314,920 and with interest, prop tax, PM on a 30year I'm getting around 1.5k.
This looks fantastic to me, but I'm looking for help picking it apart for possible deal breakers. I've got a 15 day option period starting now!
Thanks in advance.