Updated almost 14 years ago on . Most recent reply
Help with first deal
Hi All, first off I'd like to say that I'm really getting a lot out of the website.
Now my question. I'm based in Israel, and considering buying a property in Cola. SC. as an income property. It's priced at $62K with gross annual rent of $11880. I'm counting on about 30% going to expenses. I know that it's generally advisable to invest close to home, but that's not really an option. Is it realistic to expect things to run relatively smoothly with a well thought out contract with a property manager. Should I expect it to cost more than 10 - 12%. Barring any major structural issues that would show up during a home inspection, what other potential problems should I look for? I'm somewhat familiar with the area, know who the target renters are there, and the unit has a good history and is half occupied with a 1 year lease.
This is a huge opportunity for my family to start to get ahead, but I'm afraid I'm not considering some serious issues that could come up.
I really appreciate all of you feedback.