Buying First Rental Property in Clovis, CA
Hi everyone!
I am living in San Jose, CA and looking into buying my first rental property in Clovis, CA. I found a new construction home by elev8ions that is selling for $389k and planning to put 30% down. The closing cost will be covered with the preferred lender. Would it make more sense to secure a larger down payment?
Is there anything new I should consider? Just base off using a simple mortgage calculator, it shows that my cash flow will be positive based on the rent prices I am seeing in that neighborhood.
Hi Brian,
Congratulations! The elev8ions community is a great area for a rental.
Are you only looking to cover your mortgage? I'm assuming this for a buy and hold property, you will need to take into consideration other expenses such as vacancy, property management fees, insurance, HOA fees and maintenance.
BP has calculators to help you look at expenses and see the return you'll be making on the cash you are putting down.