Buying First Investment. What Do The Pros Think?
Looking at buying my first investment. Seeing what the people who do it everyday this about the numbers.
Purchase price: 75,000
Loan amount: 60,000 after 20% down
Mortgage: $475 w/ taxes and insurance
Rent: 850/month
Vacancy loss at 8%
3 month reserves set aside plus additional 3,000 for Capex. Will put additional $500 a year aside for Capex from rent.
How does this deal sound? Numbers too tight? Good deal?