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Originally Posted by camberiu
Place is $232K for 900 square feet, fully remodeled and ready to move in. They have about $3.5 million in assets and about $3.6 million in debt (mostly long term mortgage).
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OK, so you are looking at a place with $37.5k debt per unit and a tad over $4k in cash, so net-net you would be assuming roughly $33k in debt along with your purchase. Sounds "OK", if everything else checks out. But look for a ground lease (seriously).
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"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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