- Joined
- Jan 21, 2009
- Messages
- 26
I have a new opportunity that I`m interested in, but looking for some seasoned expert advice on this.
A 5 plex has been put up for sale privatly for $480,000
INCOME
Rent $4,375/mth for all units combined tennants pay their own utilities. All is fully rented.
EXPENSE
Utilities $4,420 Annual
Taxes $5,082 Annual
Insurance $1,200 Annual
Repairs & Maintence $2,400 Annual
____________________________________
TOTAL $ 13,102 divided by 12 = $1,092 in total monthly expenses
The mortgage rate on a this I beleive is going to be around 4.5%
The CMHC fiancing with 15% down will be about $19,000 for their fee
Bringing the total spent on building to about $500,000
I will need to use a line of credit to put the 15% down - About $72,000 at prime plus 1
Does this make sense to anyone to look into this further???
Does it sound like a decent deal?
Any advice? What would you offer?
I have been reading the posts for about 2 weeks now every night(3-4 hrs a night) and know there are some good people out there that privide expert advice...
PLEASE HELP
A 5 plex has been put up for sale privatly for $480,000
INCOME
Rent $4,375/mth for all units combined tennants pay their own utilities. All is fully rented.
EXPENSE
Utilities $4,420 Annual
Taxes $5,082 Annual
Insurance $1,200 Annual
Repairs & Maintence $2,400 Annual
____________________________________
TOTAL $ 13,102 divided by 12 = $1,092 in total monthly expenses
The mortgage rate on a this I beleive is going to be around 4.5%
The CMHC fiancing with 15% down will be about $19,000 for their fee
Bringing the total spent on building to about $500,000
I will need to use a line of credit to put the 15% down - About $72,000 at prime plus 1
Does this make sense to anyone to look into this further???
Does it sound like a decent deal?
Any advice? What would you offer?
I have been reading the posts for about 2 weeks now every night(3-4 hrs a night) and know there are some good people out there that privide expert advice...
PLEASE HELP