Good Deal Or Bad?
I found a vacant commercial property with 8 units (foreclosure) for only $45K. The ad states it needs work and I will probably taking a look at it tomorrow or late today. The neighborhood is not that great but the min. amount of rent that I could get for each is $350. I spoke to a mortage company and they want 25% down and 6 months of bank statments. I don't have cash only good credit so I am considering a HML for $100K max to get the property and fix it up within 60 days, put tenants in it and then sell. The con would be not able to sell it and having to finance it conventionally to repay the HML. Hower buy financing conventionally would mean putting $25K down which would kill me. Hopefully there is another way around this. Comments..........
It sounds like a good deal if you could get it into shape for $100,000 and get all eight units rented for $350. It sounds like something that I might be interested in. Take a look at it and get back with me. Email is **Please See My Profile**
Spoke to realtor again it supposedly needs to be completely rehabbed. Made an appt. to look at it later today. Definitely needs carpet, paint, plumbing, and the roof is 8 years old. He forgot to ask how many bedrooms in each unit but it seems to have an upstairs and they look like townhomes. I know the area and the work probably isn't that bad but the place is just nasty and filthy. If I make what I think I can from this deal hell I'll clean. Let me get out my smock, gloves, and gas mask!