Advice on how to analyze first deal
Good morning,
I am a beginner from CA looking to make my first investment out of state (either NC, SC or Flo) I am working with agents in each of these states and they are starting to send me deals. I am attempting to "run the numbers" to see if these deals make sense but I am so new to all this and there are many things that I do not fully understand.
Can someone give me some advice on what I should be looking at or how I should be calculating my expenses vs profit. Is there a forumlae others have used? How do I find the taxes, insurance, HOA fees etc...? I am covering the PITI, prop management, HOA fees, vacancy, maintenance etc.. but I want to make sure I am not overlooking anything.
I have been using both the 2% and 50% rule in all of my calculations but I still feel a little out of my depths in such a big financial decision for me.
I am looking for a property that will cash flow from day one and not provide crazy amounts of headaches with repairs, tenants etc... ( so looking for a B or C type property). Also looking to buy something that I can put people in right away or only need minimal work (paint/carpet etc..)
Any advice or guidance would be very much appreciated.
Thanks so much for your time.
David