I came across a deal where the owner wants to get out of the rental business. He owns 9 properties, 8, manufactured homes and 1 mobile home and is asking $24,000 for everything. The loans vary but are on 15 year loans with interest rates from 4-12%. All of the homes are leased to the tenant and the tenant handles repairs. Below is a quick snapshot.
home year built loan balance mortgage rent cashflow
1 1991 $74,195 $701.20 $801 $99
2 1991 $85,797 $761.65 $850 $98
3 1970 $82,314 $961.28 $1150 $188
4 1970 $84,432 $642.00 $750 $108
5 2000 $10,428 $227.89 $451 $223
6 1965 $35,964 $509 $560 $51
7 2008 $125,424 $894 $992 $98
8 1975 $63,243 $680 $1104 $423
9 1975 $58,728 $568 $781 $213
Combined Monthly Mortgage $5935 Rent $7439 CF $1504
I plan to ask if the seller would consider seller financing the deal and I would pay him $2000 over 12 months. He seems like he's motivated and I saw he bought the homes with his ex-wife. Is there anything I'm missing?
Merry Christmas,
Tom
home year built loan balance mortgage rent cashflow
1 1991 $74,195 $701.20 $801 $99
2 1991 $85,797 $761.65 $850 $98
3 1970 $82,314 $961.28 $1150 $188
4 1970 $84,432 $642.00 $750 $108
5 2000 $10,428 $227.89 $451 $223
6 1965 $35,964 $509 $560 $51
7 2008 $125,424 $894 $992 $98
8 1975 $63,243 $680 $1104 $423
9 1975 $58,728 $568 $781 $213
Combined Monthly Mortgage $5935 Rent $7439 CF $1504
I plan to ask if the seller would consider seller financing the deal and I would pay him $2000 over 12 months. He seems like he's motivated and I saw he bought the homes with his ex-wife. Is there anything I'm missing?
Merry Christmas,
Tom
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