I got an email from my mortgage broker about another deal. It sounds VERY promising, but I don't have the reserve funds needed at this time. If anyone is interested, send me an email and I'll try to get more info. Here is the deal as I understand it ...
An investor closed on two 4-plexes this past January. He has now been approached with an opportunity to participate in a hi-tech start-up, and wants to unload the two 4-plexes. He is asking $345k. When he bought them in January, they were appraised at $355k. Ther is one vacancy in the 8 units, but the seller will guarentee rent for the first four months. They currently rent for $3600 each. A 100% stated loan with a FICO of 680+, 6 mos. PITI reserves, and 2+ years of steady employment would result in a PITI of ~$3,100.
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2 comments:
aarggh! Steve i have hit the same hurdle! Where to find the funds to move to the next project!!!
Alvin
I know what you mean. I had hoped to unload House #1, and use the profit for future deals. However, this house isn't moving much at all - even with my own marketing. I may be forced to refi to pull money out until I can get it unloaded. Still thinking.
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