Updated about 9 years ago on . Most recent reply
Smart purchase?
I have an opportunity to buy a single family home is Greer, SC. Price is $156,000 (no realtors involved) 3/2. Perfect rental, turn key. It is currently rented for $1250 but I know I can get $1395 as I have a similar smaller one not to far from this one that I rent for $1295. With P&I, taxes and insurance it would come to around $900 a month on a 30 year. Is this a smart purchase? I've been told by a successful land lord that rents out properties worth 30k for approx 600 month that this is not and I'm trying to understand why. Thank you for any input.
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James Wise
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James Wise#4 All Forums Contributor
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Welcome to the site @Matthew Towner
You could make money owning both. Remember though that a $1,295 tenant is a world apart from a $600 tenant. Ask yourself what type of person do you want to be dealing with In 10 years. Pick that property.