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Kelechi Okoronkwo
  • Katy, TX
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Houston texas LU article on owning 22 properties at $12k down payment for one

Kelechi Okoronkwo
  • Katy, TX
Posted Oct 1 2014, 17:16

this is the link to the artlice

http://www.lifestylesunlimited.com/how-22-rent-pro...

my question is 

With $12,000 down payment. say you need $2000 for upgrades to increase home value nd for miscellaneous fees, you are left with $10,000. For a 20% down payment you are looking at purchasing a house for $50,000. can you find a single family home for $70,000 in my situation in Houston Tx in a good neighborhood This is assuming you have captured 20k as the article describes?
secondly, I have done the calculation, with a 5% interest rate for a 30 year loan and 3% property tax including 1k a year insurance and an HOA of $30 a month your monthly mortgage payment including tax, insurance and HOA is $453 a month.Iin your article, you mention $100 maintenance and vacancy reserve so that is a total of $553 in order to be cash flow positive of $420 you will want to charge $973 for rent.

So my question is can you charge $973 a month for rent for a single family home worth $70,000 in Houston??

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