“This Property is a No Brainer for this Client”

“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

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 4 commentsJoe Petrowsky • January 09 2018 02:41PM

Comments

I know what you talking about. RE investments in my speciality.  Its an ideal investment to purchase upto 4 unit building to owner occupiy one of the units not only for low downpayment FHA, VA, FNMA, FDMK loans but for low downpayment and tax deductions on your investment.  Win Win Win

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) 8 months ago

Good morning Joe. Sounds like a very worthwhile investment. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 8 months ago

Good morning Joe. This is a great story and how wonderful to share such good news.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 8 months ago

That was a normal purchase and exit stategy for multis back in the 1980s. Now that single family has gone back up in price as well as higher interest rates, this becomes a good statewgy again and the exit strategy for invesators is to sell to an owner-occupant and the rent can be used in qualifying.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 8 months ago

Participate