Me too. Who needs sleep?
Property...You asked
Keep your fingers crossed. Both the seller and I have signed a Memorandum of Purchase, but the actual contract is 12 pages long. Neither of us have signed it yet. My attorney is working on it now and it should be done by tomorrow evening.
It's a 12-unit building. 4-4 bedroom apartments, 8-3 bedroom apartments. Picture below shows one of the typical, lived-in 4-bedroom places. Loft upstairs, lots of natural light from the dormer windows (which all need to be replaced, uggh). Each apartment has a kitchen with new appliances, a bathroom, central air, a patio, and will soon have WiFi. The current landlord has let the place go, which is unfortunate but it also lets me buy it "cheap". $630,000 4.5% down, plus $60k in repairs needed in the next 3 months. New roof, new siding, some new windows, and lots of "sprucing up". Balance paid @ 6.5% interest, 30-year with a 5-year balloon. The apartments rent way, way low at $550 for the 3s and $650 for the 4s. "The Math" says I'll cash-flow nearly $3k per month after expenses, maybe more when I raise rents to where they should be.
The best part is that it is located 50 yards from an old hospital that will be torn down early next year to make way for exclusive high-end condos with shopping, restaurants, a coffee shop. City is also putting in a park in the block directly behind my place.
It is a still a pretty big gamble, and there are literally thousands of variables that keep creeping in. Weiß: Closes his eyes and goes fast.