Posted by Kep Lee on July 14, 2002 at 15:04:56:
$114K sounds pretty expensive for a 2 bd rental.
Of course this being said without me having any kowledge of the market rent for your area,
but a good rule of thumb would be to keep your mortgage payments much lower than market rent.
Dont overlook escrowing enough money on a monthly basis to allow for taxes, insurance, maintanance, vacancy, and BAD TENANTS. After all is said and done, will you have enough $ left over to make it all worth it!?
Advice for buying my first rental!!! - Posted by Jeff
Posted by Jeff on July 09, 2002 at 11:10:05:
Hi all,
I am trying to find out some information about dealing with buying my first rental property. I have found a nice 2BD 1Ba unit. The owner has no mortgage and is willing to help in financing (a perfect home to start I think). Does anyone have a good technique to use so I don’t need to get a mortgage from a bank? I would prefer not using my own money to purchase this house. The asking price is ~$114K. Any advice would be greatly appreciated. I am looking at the house tonight!!!
Thanks,
An eager first time (hopefully) investor.
Jeff