Looks good! Or does it?...
Hey BP community, wanna share what I have on a property and you can tell me what you think.
Asking 149900. Offering 140000.
Good, growing area. House will need a little new flooring, painting, and landscaping (3500). Needs Washer and dryer. Roof looks pretty good.
My agent assured me we could rent it for at least 1350, but Rentometer says average rent in area is 1175. How accurate is rentometer?
With all of that, cash flow looks like 390 a/mo (5%vac,5%repair,8%capex) and ROI 13.3%. A family member is putting down the 20% and I am managing property.
Thanks for all of your help!
Most Popular Reply
You can have only one at a time until you refinance. You can still get one under your name because they will allow your father to " gift" you the downpayment to buy the property. Just ensure you have your income stuff situated.
The only draw back is that you have to live in the property for a while, so it will not cashflow until you move out based on the FHA guidelines. I would look at a 2-4 units for an FHA that way you can live rent free and still cashflow