analizing my first possible rental - need lots of help
Please help me to figure this out.
How do you calculate vacancy rate? and
I want to know if this is a great deal for a rental property? Property is in NJ
SqFt: 1240
Lot Size: 2482
Property Type: Single Family
Year Built: 1929
Year Assessed: 2014
Beds: 2
Baths: 2.0
Garage: No Garage – on the street
Legal: 2 bedrooms
Taxes: 5,328.27
Insurance: 900.00
Water: 250
Vacancy: 5% per year
Current Rent: $1,350 (month to month) = 16,200 I think it could be rented for 1400
I want to offer 80K
2% rule did not work for me here.
What would be the best way to purchase this deal. I have HELOC for 50K plus 30K of my own money.
I was thinking of putting down 20% and get mortgage for the rest? How does this work? Should I obtain the loan from the same bank that gave me HELOC or go to some other bank? Should I get pre approve now or wait?
Thank you everyone, I appreciate your advice and help.
By the way when I go back to the site how do I find my post and replies?