Buying 2 Rental Property
So I right now I have 3 proprieties, which all together makes me like 1000 cash flow each month. Right now my bank will not give me another loan cause My income does not stay under 40% so I am buying contracts homes.
I been giving a offer to buy two homes for $110k with 13k down and since on contract its 8.5%. Then I will need to put in 5-7k in them depending on how badly the water issue is in basement, but need pumps install or might just need the outside landscape touchups.
Both homes together on the city accesser show up little more then 150k. with about 2500 in taxes per year and Ins would be around 1800 year for both.
Should I get them or pass? I don't see getting any cash flow in them but still not sure if they are good idea or not.