First Rental Property, Need Answers
Hi BP Family,
I am very new to real-estate investing and I live in Milwaukee, WI. I would appreciate any advice or help you can give me. I have this property that is a great potential for a rental property. This property is own by my brother, it is paid in full, ready to move in, and at the moment it is off market. This property is a 864 sqft, 3 bedroom, 1 full bathroom, and a full basement. It was last assessed at $56,600 in 2018, I received this information from the Milwaukee.gov website. I feel confident that I can nagotiate the price down to $50,000. I can fund 20% ($10,000) by loaning from my 401K. I already have a very interested tandent who is looking to move in. I was planning on charging $900/month for rent. So this leads to where things are uncertain.
1) Will I be able to get a 30 year mortgage loan for the remaining $40,000 from a hard money lender or a conventional bank? If so, please help recommend any loaning institution, I would greatly appreciate it.
2) Is a 30 year mortgage the best option to produce the best ROI?
3) What other options are available?
Thank You In Advance,
Thao Lor