This would be my first deal they are both locked withtin 20 minutes from where i live. one lady owns both building and a fixer upper but i dont think i have the time to fix it up. how ever all 5 units are currently rented. the other numbers like taxes and grass and those numbers are what the lady gave me. i put 5% down not sure what ill really have to put down was i guessing the bank would say 20% not sure.
would love some advice!
new to the rental game would love to get started! was thinking these would be a good way to cut my teeth but want to see what other had to say
Well you are already over the 1% rule for you monthly income. Not a bad start.
1) you have no repairs but the price is up $10k from purchase. Are you buying under market? Even if it is a turn key there is always something to repair.
2) nice job with putting money aside for vacancy and cap. expenses - stuff like that.
3) Is this a fourplex, if so $100 a door is good.
4) your operating expenses seem a bit low. are you using a property management company?
I did not do a deep dive into this but just a few things I saw.
Good luck and welcome to the party!