I stumbled upon a set of 3 condos the other day. They have been listed for about 45 days and the price has been reduced a little over 100k.
Monthly Rent in is 4500
Expenses are 1400
He said he would carryback 20% which would be about 700 a month and the other mortgage would be 1450 a month
so total expenses would be 3550, positive cashflow of $950
(Thats if I don't talk the price down)
The other 3 similar units like this sold for 550k 2 years ago.
I'm going to look at the property tomorrow. Any ideas/suggestions on how to go about it would be greatly appreciated