Updated about 10 years ago on . Most recent reply
Rental property
Hello, my name is Anthony and I'm 25. I bought my first home when I was 22. I'm looking to sell my home in the next few months hoping to make some money off of it to start investing in my first rental property. I'm looking to take the money I make and go to and auction and hopefully fine something that i can pay cash for to have positive cash flow when I start renting it out. I am new to this and I know this isn't a get rich over night. This is what I want to do I find myself having butterfly's in my stomach every time I research and think about it.
Most Popular Reply
If you do not have repairs above the 40,000, you will make money on the property. i have put in an offer for a property that would rent for $800 a month, it needs 25,000 in repairs, after figuring my costs to hold the property i figured i could make about 200 per month if i kept the total price under $50,000. just make sure you know what your expenses will be and set yourself a limit, try not to get caught up in the excitement of bidding and go over what will make you money. better to walk away with money still in your pocket then to owe more than you can make.