The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Monday, March 13, 2006

Offer #4 Fourplex..

Made an offer on a fourplex that I found on craigslist. I saw the units tonight and the guy is quite motivated.

He owes 212k on a 400k building. He has five of these fourplexes.

I offered a 5% down payment with a carry back for the difference of what he owes. I will bring in new financing since he has an ARM. The terms are good for me, so if he accepts it will break even assuming all costs (including management!)

Good investing..
|| Bginvestor, 7:55 PM

4 Comments:

Any chance you can provide a couple of details on the costs and how it breaks even? For us newbies...

Thanks for the info!
Blogger Kenneth, at 10:21 AM  
He must really be motivated to take such a hit. Why is he selling--did he tell you?
Blogger Trisha#1, at 11:45 AM  
Guys/gals,

Ok, I'll upload the details this week. Actually, I am offering 400k, he is asking 425k.

The seller carry back is from the difference of loan amount and down payment.

Talk soon.
Blogger Bginvestor, at 12:28 PM  
Oh, ok, that's makes more sense.
Blogger Trisha#1, at 9:31 PM  

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