opportunity for my first deal!

[Shawn Munoz]

Hey, 

I have recently been presented with an opportunity but i need help on how to go about it. I have been listening to the podcasts and learning a lot. I am moving out next month into my own home and I am going to need the extra income so i feel like i should get started in investing. I decided to speak to my mothers landlord. We talk often and he explained to  me how he wants to get out of the  business because he is ready to retire. He offered to teach me what he can if i was interested in buying the house my mom is now renting. He wants to meet this weekend and give me details and show me numbers. 

First off, is it a good idea to get involved in a place where my mother lives? it is a section 8 so i won't collect full rent from her. Also, what are some questions i should ask him when we meet to make sure this is a solid deal for me. 

It is a 5 bedroom that is renting for 1,300. He's willing to sell the house for $100,000 and the value of the home is about $120,000 in my opinion. 

[Ned Carey]

This could be a good opportunity for you to find a mentor. Would need to know a lot more about the deal to know if it is worthwhile but paying $100K for something that rents for $1300 a month is not very good cash flow after expenses. 

I would suggest looking at some of the free guides under the education tab above.

I would learn ans much as you can from this gentleman but I do see a conflict of interest in that he is trying to sell you a property and yet one of the most important things to learn is how to evaluate a deal.