Rookie getting into real estate investing
My name is Julio De Leon, and I'm from small but growing city called McAllen, TX. I appreciate everyone's contribution to this online community because it is truly a treasure trove of great information. Besides introducing myself I would also like this opportunity to disclose my first attempt at investing. The details of the plan are as follows:
Owner occupied 4 plex, new construction, FHA loan
$290,000 sales price
$11,000 estimate of closing costs
$10,500 down payment @ 3.5%
Income: $ 3,000, fully occupied (including charging myself rent)
Monthly Expenses:
PITI: $1,950
Vacancy reserve: $300
Maintenance reserve; $300
Net cashflow: $450
How does this deal look? Any comments and suggestions are greatly appreciated. Thank you all!