I've been saving my money up for a bit now and have been studying/looking into investing in real estate for a while now also.
I want my first investment to be a good investment.
so there's currently a 2br/2ba duplex for sale with tenants in place for $95,000 (so zillow says, heard zillow was inaccurate) but anyways, was wondering if that would be a good start off investment for me. zillow also says the the estimate mortgage is $500 and estimate rent per month is $785. was wondering if there is a way I can get that confirmed somehow.
would love input and feedback from yall! thanks!
First I would start by asking you what is your long term plan? How long are you planning to hold a property before you use an exit strategy or is your exit strategy to keep it?
Then I would ask what kind of ROI(return on investment) were you planning for?
Then see if this potentially fits YOUR plan. Always have a plan in place of what you will do with it and what is or is not an acceptable return.
Then go to the next step
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
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