Tenants Vacancy, Missed Mortgage Payments
Hi, new to BP and real estate investing. I have around 50K to invest in. I live in Orange County, CA and plan on investing here. Ive looked into Mulitplex, SFH, and Condos. Im looking for fixer uppers in the area to put some sweat equity into but have had a hard time finding some. Currently I'm focusing on getting into ADU/Multiplex's. This will be my first home that I will be purchasing with FHA. Because of the high mortgage my concern is may 50k be to small of an amount to invest with. I plan on rehabbing the place myself on a place that is in less than good condition. I myself work in construction trade, have resources and am comfortable in doing this rehab. I will qualify for a higher loan because of the dwelling unit income. Im afraid after rehab cost, and down payment, it wont leave me much left over for emergency fund and also vacancy. Estimating my mortgage payment around 5k or less my worry is if I can not find someone to split the mortgage with (tenant) I will quickly be in a tough situation. How much should I excpect on vacancy? Ive never had tenants before and don't know how hard it actually it is to find someone willing to pay that amount. Condos/Apts go for about 2k or less in my area. This is will be an ADU so ill be looking for around 2450 minimum.