Updated over 10 years ago on . Most recent reply
First time investor evaluating my first deal
I have recently found a foreclosure in my area for around $65k. It's been listed for a month. It could use the basic cosmetic updates- paint, carpet, clean up landscaping etc. the property is 3 bed 2 bath 1,700 sq feet with a large 2 car detached garage. Based on rental comps in the area I believe I could rent it out for $900 a month. Based on the numbers I would need to get it for around $40,000 in order to meet the 50% rule (this would provide about $400 a month in cashflow if I manage it myself. It would also pass the 2% test. Has anyone had experience with banks accepting an offer so far off the asking price? This would be my first rental property.