First Purchase 5 units
Hello everyone first time posting here. I know some of the questions I may ask might not be answerable but I'm looking at purchasing my first property. I've been doing alot of reading and looking at the formulas here to see if its a sound investment. The property I've been looking it has been on the market for quite some time its selling for 59k 5 units avg all 2 bed 1 baths avg rent is 500 each sure seems like a winner. I know the area its in its obviously not the best for the orlando area mostly lower income. but at 2500 a month gross and a possible mortgage under 500 would you take the risk? I know i gotta get my feet wet but a little nervous. Not to mention my credit is not the greatest its about 620-640 roughly however I do have about 9k cash to play with. Any tips thought should I try getting a pre-approval for the loan? I really would not like to pull my credit if anyone thinks this score is unacceptable.