Updated about 11 years ago on . Most recent reply
First rental property purchase!!!
So here's the numbers:
appraised value: $40,000
purchase price: $27,000
monthly rent: $550, (could have gotten $600, rookie mistake)
rehab cost: less than $1,000
dimensions: 2BR, 2Ba, Approx. 1,000 sq feet
The unit is already rented to a tenant who passed screening, and seems great thus far. I purchased it through hudhomestore.com. I paid 20% down and used a credit union to finance remainder on a 15 yr note. So whaddaya think?