1st investment property -- need financing advice - Posted by Steve

Posted by Steve on May 05, 2003 at 11:14:42:

This is my 1st deal. I am looking at a 3-family property. How do I determione if it’s profitable? I mean that I have been making assumptions based on a 30 year loan @ 5.7% to get a monthly mortgage payment. Then i am adding up the potential rents …and the difference is PROFIT. Is this correct way to approach?

Is there a better way to approach the financing of the property?

Thanks and please remember I am new to this.