I'm someone who is looking to get into real estate, I found a house on my local MLS that is going to be auctioned soon and was wondering if I should attempt to buy it. some extra knowledge, I'm extremely short on cash so I could at the very most put up $200, plugging the house in rentometer gave me the average price for rent would be at about $1250 a month. the house in question is a 3 bed, 2 bath with the house being 2,872 sqft and the lot size being 7,754 sqft.
@Ian Hennis the numbers seem rough on this one but I can’t see the full picture. Make sure you factor in vacancy, taxes maintenance and insurance. It also depends on your goals as an investor. Are you looking to cash flow or are you okay with breaking even? Are you comfortable with a pure appreciation play, because that can be risky…Can you rent out by the room and increase the rental income? Or can you short term rent it on Airbnb? Also, seems like a large lot…could you add an additional dwelling unit? I don’t know your market but definitely work the numbers before you jump on this deal.
In my market these sorts of houses are easily going for $200k, so if I somehow did buy it for two hundred I would have at least the equity of the house to help me out.
I'm someone who is looking to get into real estate, I found a house on my local MLS that is going to be auctioned soon and was wondering if I should attempt to buy it. some extra knowledge, I'm extremely short on cash so I could at the very most put up $200, plugging the house in rentometer gave me the average price for rent would be at about $1250 a month. the house in question is a 3 bed, 2 bath with the house being 2,872 sqft and the lot size being 7,754 sqft.
Did a realtor find this house for you on the MLS? In one of your previous post's you mentioned you we're a minor..