New investor looking for pointers on first deal
Hello Bp, Im looking to purchase my first investment property. Obviously I am a little nervous about doing this. I was hoping for an analysis on the deal to see if you guys think its worth it, etc. I was also hoping for your guys' help on what exactly I need to do for my "due diligence".
Heres the numbers:
1/1 remodeled condo. This condo is essentially turnkey, needs no rehab in order to be ready to rent.
Asking price- $41,888, comps sold for 47k-53k within complex
Seller offering to finance with 10% down.
Property management already in place.
150/ month HOA
Rent- 600-650/month
I know this is not much money in profits per year, but I figure it may be a good start? What questions should I be asking? What documents should I be requesting?
Thank you in advance for your help and advice. I look forward to hearing everyone's input.