decided to buy one property from a friend

So it is private sale. Continue with my student rental journey:
200 meter from university hospital. Land 70x140. about 50 year old Ranch with finished basement separate entrance. 5 bedrooms ground floor; 3 basement unit. Fully rent at $3480/month ( About $600 utility cost/month). Private sale to me $325,000. Cash flow about $1580/month at 5 year fix rate 4%, $1300/month at 10 year 5.25% fix rate (Canada does not have 30year fix). With 20% downpayment. My friend had spent about $55,000 to do all the work last 3 years.
Right now in process of convincing wife to help me pay downpayment.

所有跟帖： 

• sounds good .总比不熟好.但也要长个心眼.该办的程序还是要住意 -MrsKwok- ♀ (0 bytes) () 03/17/2009 postreply 19:29:22

• Actually my wife just cut another 5000 on that price -sunpriest- ♂ (108 bytes) () 03/17/2009 postreply 20:05:43

• sounds good, but why does he throw money away? -hmo- ♂ (0 bytes) () 03/17/2009 postreply 20:07:11

• he is tired of remote property management and has other good inv -sunpriest- ♂ (40 bytes) () 03/17/2009 postreply 20:53:37

• also when he got that property he used 2nd mortgage -sunpriest- ♂ (68 bytes) () 03/17/2009 postreply 21:03:07