- Joined
- May 14, 2012
- Messages
- 15
Hey all,
I have a potential property that I wanted to run by you as well as a few questions.
Listed for $165,000
Seller is willing to take $158,000
Insurance is $60/month
Taxes are around $150/month
Current renter is paying $850/month and is desperate to stay. Willing to pay $950.
Renter pays all utilities.
I can put up to $40,000 down which would give me a mortgage of around $540/month with the following terms:
Rate - 3.29%
5 year fixed.
25 year ammortization.
bi-weekly payments.
I figured my cash flow would be +190 if I get it for $158,000 and the seller is quite motivated to sell so I may be able to get it for less.
Now my questions. The town is in Southwestern Ontario and is growing moderately but it by no means booming. Housing prices are increasing about 3% per year but the prospect of a solid tenant, whom I know personally and a motivated seller has me thinking that this might be a nice first property for me to get under my belt and leverage for future properties.
I appreciate your thoughts.
Scott.
I have a potential property that I wanted to run by you as well as a few questions.
Listed for $165,000
Seller is willing to take $158,000
Insurance is $60/month
Taxes are around $150/month
Current renter is paying $850/month and is desperate to stay. Willing to pay $950.
Renter pays all utilities.
I can put up to $40,000 down which would give me a mortgage of around $540/month with the following terms:
Rate - 3.29%
5 year fixed.
25 year ammortization.
bi-weekly payments.
I figured my cash flow would be +190 if I get it for $158,000 and the seller is quite motivated to sell so I may be able to get it for less.
Now my questions. The town is in Southwestern Ontario and is growing moderately but it by no means booming. Housing prices are increasing about 3% per year but the prospect of a solid tenant, whom I know personally and a motivated seller has me thinking that this might be a nice first property for me to get under my belt and leverage for future properties.
I appreciate your thoughts.
Scott.