Hey, Hello people I just had couple of question about purchasing and making some rental income. As I am new to this forum so far I learn so much only in the the few hours that I been in this forum. The question is I am 21 years old I am want to retired by the age of 27- 29. The question is for a beginner is a Triplex is good start plus there are already tenants renting out the place, its turn over key operation and they are selling the house for 155k and I already did all my calculation like the annual income, operation cost, taxes, insurance, mortage, and vacany rate incase I cant find no tenants within 6 months.
I am still looking around and I lucky I save already 10,000 dollars for the deposit and my father said is was going to lend me his credit to this this bussiness venture althought his credit is 662 because they did credit theft will a bank give him a loan and can I but my name in the loan ? 8)
at least you're ambitious.....
Good luck on your ambitious goals. If the numbers make you happy then it should work out.
I generally recommend starting with SFHs. SFHs generally have better tenants and are more forgiving than multis. However, the bigger question is what are the numbers on this triplex? Gross rents?
Post the numbers (especially the gross rents) and let's see if this is a good deal as a rental.
I am back. I still saving and educating myself. I did not get myself into this deal. The broker mention that they property was taking over already.
Nevertheless, post your expected gross rents, and we can help you understand if this was a deal or not. I would say you need at least $2700 in total gross monthly rent to make this a deal.
Although you changed your mind, i have a questions for you. I think you are in Bronx. Are you familiar with Camden New Jersey? And do you go there regularly or do you want to be an absantee owner?
You say you want to be retired by 27 or 29??? Are you single and plan to stay that way? I am 50 plus with several million and concerned--not scared. A triplex is pretty small taters for a retirement plan.
Camden and Trenton are very depressed areas. As I may recall, the municipality was taken over financially by the State of NJ. This is one town where you must know your market and need someone watching your farm. Copper water pipes disappear with the water still flowing through.
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