contemplating first rental purchase in collegetown

2 Replies

Here is a quick rundown from the limited info I gathered.

Condo is a premier complex with great clubhouse and pool. It is 3 bed and 3 bath.

Hoa fee $163 year

Rent:$1200 easily and possible up to $1350.

Very easy to rent here and is located in athens. 

Sales price is 99000 where similar condo are 130k and 2 bed, 2 bath are going for 95k

I haven't run the breakdown as I am at work but I'm thinking with a conservative estimate of $1200 a month I'm profiting $400 a month easy after all expenses (will manage property myself).

My main question is what are my finance options, as that is something I've done little research on. I  only want to put 10% down. I make about 125k and have 65k in student loans (paying off in 5 years so 1233 a month  , a 498 car payment over 5 years and my mortgage with all expenses is 971.00 a month .

Thanks for Any info

@Nathaniel S.   Best case scenerio as long as the condo is able to be approved, you can do 15 percent down, with Fannie Mae guidelines. The condo seems like a good deal. You can ask the seller to pay your closing costs to also decrease money out of your pocket.

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