8 Units Apartment Building Fully Leased
Hello, I met a landlord who has an 8 unit apartment building. the building will need some repair work done, such as a new roof, interior and exteror paint, capret, and some plumbing work, possibily some appliance upgrades. he is asking $70,000 . When I located the property on the internet , the apprasial district had it priced at $90,000 market Value. OH by the way the tenants pay between $400.00 to $450.00 per month on rent. so the gross income is about $3,200- $3,600 per month. Taxes are about 2,000 per year. I do not know the insurance on the property. the landlord is willing to owner finance the property with $3,500 down. I think he also wants$950.00-$1000 per month and He also said that he wants A SHORT PAY OFF PERIOD. Do you think this is a good deal for a newbie[ Edited by guyy06 on Date 01/30/2005 ]
Umm, yeah, buy it or pass it to me
[addsig]