Updated almost 8 years ago on . Most recent reply
Looking for advices on my first buy and hold deal.
Hey guys,
New investor here from Vermont, I am interested in buy and hold. I am looking at a multifamily to hold and rent out. The place I'm looking at $166,000 and recently completely rehabbed. All three of the units are rented out for a total of $2700 a month coming in. There is two 1bed/1baths and a two bedroom one bath. All the units are under lease until atleast June next year. I have about 20,000 to put down as a down payment so the monthly mortgage included taxes, pmi, and principal will be right around 1000. Should I work on pulling the trigger on this place?
Thank!
Most Popular Reply
Those numbers looks great.
For a maximum all costs in of 20000 to purchase that multifamily, if you make $1700, that is good return on your cash and a good buy in my opinion (from a number standpoint)
Now you have to be careful, the numbers are one thing, but there are other things that you need to consider such as location, the type of tenants, vacancies, etc
Will you have a high turnover of tenants? Will you have a lot of wear and tears, vacancies, will you have to be very hands-one managing the property, etc.