What Does Everyone Think
I'm putting a bid on a condo that rents for 900, the fmv is 123,000 I bid 95,000 it should go through. I will put 20,000 down for a loan amount of 465 a month. I'm thinking of then refiing to pull 20,000 out to buy another property. My positive cash flow would then go down to about 50 a month but I have only 2,000-3000 in out of pocket costs and I'm ready to buy another. I know everyone here likes at least 200 a month positive cash flow. I could be there if I didn't refi, I just like the idea of getting another property though. I also could flip the property for 20,000+ at any time based on supply and demand in area.
I appreciate any input.
ok I have an adendum the property is not selling for 123,000 the upstairs unit is selling for 123,00 this is a downstairs unit. my payment would be 506 not including insurance with 20,000 down, the HOA is 100 a month rent on high end is 900 low end is 850 sooooo now what do ya think[ Edited by mcq72 on Date 04/05/2004 ]
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