“This Property is a No Brainer for this Client”
Good afternoon Joe...
Found a property I have interest in located in Meriden. As you know originally I was looking for a single family home that needs renovations. I would not need a 203K rehab loan ... but a standard FHA loan would do the trick ... the property is a fully renovated 3 family top to bottom ... they are asking 299K for it... it is priced a bit high for the area... looking to possibly make an offer but need to know what is available for me spending wise ...down payment as well as interest rate I’m looking at.. thank you in advance
Wayne
Two of the units would rent for $2500 per month and a mortgage payment would be $2200. That means he will be living rent free and still making a profit.
Sure I know not every first time home buyer is interested in living in a multifamily and being a landlord, but as you can see from the numbers it is certainly worthwhile.
Image courtesy of StuartMiles/Freedigitalphotos.net
