Starting out obstacles

[Preeti Kale]

New to investing.. have been following bigger pockets for couple weeks and been blown away with the amount of content they have. 

I started looking at deas in my home town(Charlotte, NC). Single family or 2-4 unit multifmaily. I analyzed 3-4 deals but I'm getting negative cash flow. i need help with two things:

Property range - 200K-300K, 20-25% down will be from the HELOC loan from my current home, which will be at 10% interest. The rest 200K-225K will be loan at 6.5% interest. In the area, Im looking to buy the rents are anywhere between $1700-1900 for a 2 bed home. When i analyze the deal I'm getiing negative $300 without putting in the cost of HELOC Laon. I'm I doing anything wrong here ? Is everybody putting money down out of their pockets?

Should i change my location and see if i can get 2-4 unit deals under 200K? as a newbie do you suggest me going out of state?

Any suggestions/advice and help from this forum will be greatly appreciated

Thanks 

Preeti

[Hamp Lee III]

Did you run your numbers through the BP rental property calculator? If so, do you mind sharing? This might help the group…

In a lot of markets, duplexes under $200K eequire extensive rehab and may be in less desirable locations. 

What about SFHs? Have you considered them as well? That might open the aperture for you and be a better entry point.

My recommendation is stay closer to home when starting out…unless you have a great team.

I wish you all the best.