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First Time Home Buyer

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Abdullah E.
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Analyzing an investment for cash flow

Abdullah E.
Posted Mar 15 2023, 20:13

Dear Bigger Pockets members,

I'm looking for the homes around Syracuse. I have around 70K$ for this investment. Since it is going to be my first real estate investment, I focused on a healthy cash flow. I will start building my portfolio after experiencing and sustaining my first cash flow investment. 

Closing costs

I always add 10% to the listing price as closing costs. Even it is generally listed around 5%; %3 for agent fee and 2-3% other closing costs, I always add 10% to be on the safer side. 

Current Renter
I'm trying to focus on the properties with current renters. I know there are pros and cons for this but I want to start with cash flow and then start to research real market value for my property. 

Property Tax

This one is generally 2-3% for the area that I'm interested in.

Other Costs

I would really appreciate if an experienced investor or homeowner lists me regular monthly or annual costs. Especially Syracuse is an area gets lots of snow. How much should I consider as exterior maintenance? Is there any fee regarding trash gathering etc? For the interior maintenance I'm planning to work with a handyman who would take care of any need. 

Property Manager

This is second option for me to deal with all maintenance and rent collection. is it correct to have 10% of the rent for this? It would be easier for me to manage the property.

Thank you all in advance for your valuable comments and inputs.

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