Here it is! I have been on the verge of many deals, never could get the financing...this time I looked a bit hard and found some seller financing! Below are some deets:
1510 Cahal Ave, Nashville, TN 37206
6 townhomes
Recent construction (mid 08)
Appraised in late 08 at $1.1 mil
Fully rented until end of year (except for one that comes open in 4 months)
Rent for $1200 each, Gross rent for year-$86400
Taxes-$10,000
Insurance-$1700
Seller is willing to hold loan for 2 years, bring me in as a partner for the down payment and help me use his bank to refi before the end of the 2 years.
Seller Financing:
Price-$980,000
Downpayment-$72,000
Current financing- 20 yr Amortization, 6%, 5 yr balloon
My Terms-$5900 payment (cover mortgage), 2 yr balloon
There is a possibility of one of my investors wanting an all cash purchase...but let's not worry about that yet. Right now, I want to see what I can do with this bad boy. The Seller is pretty ready to "make it work" so I am thinking that it could get a bit sweeter.
I will answer any questions, as I am sure that I am missing lots of things! Just let me know.
Have at me!
Best,
Josh
1510 Cahal Ave, Nashville, TN 37206
6 townhomes
Recent construction (mid 08)
Appraised in late 08 at $1.1 mil
Fully rented until end of year (except for one that comes open in 4 months)
Rent for $1200 each, Gross rent for year-$86400
Taxes-$10,000
Insurance-$1700
Seller is willing to hold loan for 2 years, bring me in as a partner for the down payment and help me use his bank to refi before the end of the 2 years.
Seller Financing:
Price-$980,000
Downpayment-$72,000
Current financing- 20 yr Amortization, 6%, 5 yr balloon
My Terms-$5900 payment (cover mortgage), 2 yr balloon
There is a possibility of one of my investors wanting an all cash purchase...but let's not worry about that yet. Right now, I want to see what I can do with this bad boy. The Seller is pretty ready to "make it work" so I am thinking that it could get a bit sweeter.
I will answer any questions, as I am sure that I am missing lots of things! Just let me know.
Have at me!
Best,
Josh
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