Updated 11 months ago on . Most recent reply
First one. What could I improve on.
First property purchased with a goal to continue. A bit about the deal:
SFH in a great neighborhood with excellent schools so I can expect (but never guaranteed) "better", longer term tenants. I paid $275k and can get $2400 per month as is. House has recently had a lot done (new roof, paint etc) but will need a spruce up in a tenant or twos time. I've been going off the 0.8%+ rule so $2400 / 0.8% =$300,000. Interest rate is a little higher at 7.5% and insurance is ~$80 a month. Mmm, what am I missing. Accounting for mortgage payments, insurance, taxes, maintaiance and a 3% vacancy I'm over by ~$150. Look I needed to get in the game after years of watching from the sideline so might have overlooked a few things as a first timer. What are your thoughts? What would you have done differently? Appreciate the constructive insights. We all reserve the right to get smarter.