Updated about 1 month ago on . Most recent reply
Townhome Rental Deal
Hello everyone, hope everyone is doing well! I'm a rookie investor and was proposed a deal to purchase a townhome roughly 10 minutes from UNC Charlotte. The lender/bank and the builder are offering to cover my closing costs and down payment.
The value of the property according to the realtor is $320,000. They are willing to submit an offer for $305,000 for me so I'd have instant equity of $15,000 if what the realtor said is true about the value of the property. My mortgage plus HOA would be $2300 a month.
The issue is that I plan on relocating to a different state within a year and so I'd have to put a tenant in it. I have to hold the property for three years before selling according to the realtor.
I will have to hire a property manager to handle this property because I will in a different state a year from now.
Is this a good investment?