Purchased 891 Maplewood Ave
Today my wife and I bought the following property:
892 Maplewood Ave.
Ypsilanti, MI 48108
Here are the specifics of the deal:
Sale Price: 54,000
Down Payment: 15,000
Type of financing: Land Contract
Loan amount: 39,000
Interest Rate: 7.5%
Loan Specifics: 15 year amortization, balloon payment after 3 years (expendable to 5 if necessary)
Monthly Payments: $361.53 Principle and Interest + $280.00 Tax and Insurance
We intend to keep this loan for the shortest amount of time possible, hopefully refinancing through a bank to a 30 year fixed-rate mortgage sometime early next year.
The house is in rentable condition except for needing carpet in one room and a new water line from the street to the house which is currently leaking. I’ll be taking care of these things in the next couple of days. I am hoping to get the house fixed and rented before the end of the month. It’s already being advertised on craigslist for $950/month and we’ve had a good deal of interest.