Updated over 9 years ago on . Most recent reply
Deal Idea
Good afternoon everyone, let me know if this is in the wrong area. I am new to real estate investing and currently am in the process of closing my first deal.
I am purchasing a 3 bed, 2 bath, 1650 sq feet. House is in foreclosure and I got an offer accepted for 92,900. House has appraised for 106,000. I will be putting 2700 down, interest rate at 3.85, bringing my note to $530 a month and that includes taxes and insurance. I have already locked in a possible renter but haven't decided on the appropriate rent. I am thinking between 825-850 based on comps and the area. Can someone please let me know if this sounds ok. It will be greatly appreciated.