Saginaw 48602 Possible Investment
I have an "opportunity" to purchase 11 properties that have 33 total doors. They are in Saginaw (48602). I am not very familiar with the market or Section 8...
I am looking for overall advice or guidance for pluses and possible pitfalls. If there are any investors familiar with either...please reply.
I typically buy and hold to build a rental portfolio. Most have been buy and rehab to refinance with positive cashflow.
After looking at the Fair Rental values these would appear to cashflow quite a bit...total approx $7,500/month after approx 200K purchase and approx 150K rehab. What am I missing? Is there a high level of vacancy? I typically assume 10% for CapEx and 10% Vacancy...
Is it "better" to try to find a "portfolio" loan that would cover all or individual mortgages? I would prefer to minimize my capital tied into the homes if possible?
They are currently rented on a month to month. Is that typical? I am used to 12-24 month leases.
I would also prefer to hire a property manager to manage and my numbers include a typical fee I am used to paying.
I am somewhat green to this type of investment property so any advice?