Want to provide feedback? I need some basic help
Hi guys. I’ve been a part of the BiggerPockets community (despite this being my first post) and have done some research for a while now. Never really had the funds to dip in and get started and soon will be able to. I just want to make sure I’m assessing the basics correctly and make sure I’m not overlooking anything. I want to get into SFH rentals and am also interested in becoming a real estate agent (we’ll save that part for later).
With that being said, here’s what I know on SFH rentals that I’m going after:
-$150k SFH sale price roughly @ ~3.5-4.5% interest is the goal. In my area this means approx $155-170k “price tag”.
-3% down would be around $4,500 down payment
-$14,000 savings for 12 months mtg pymt expense used as needed to get the ball rolling
-The properties I look at probably need $2000-$4000 in renovation expense
-Estimated insurance would be around $120/mo and taxes around $250/mo which is included in the monthly total I came up with: $1166 roughly.
-Based in DFW TX market
Any feedback on anything? Am I missing anything? My plan is to cash flow rental properties with SFH’s.
I am extremely open to feedback so please feel free to jump in. Thanks