Multi-Family Deal
Disclaimer: I have want to start investing and have listened to many podcasts. I have not actually invested yet but want to start. I am a REA and have access to our MLS.
I have heard of the 2% rule and think I understand it. The goal is to rent a property for 2% of what you have invested in it (Purchase price + Renovations) if I understand that correctly.
There is a deal for 9 condos/apartments that someone is trying to sell. The price is $265,000 and Gross Rent is $61,380 and NET is $44,492.
Is the 2% rule on Gross or NET and does this seem like a good deal based on the few details I have provided? Most of the are already rented out. Thanks!