Updated 7 days ago on . Most recent reply
First time LTR investor. Appreciate any advice!
I have been wanting to jump into the LTR market. I have a STR beach property that has been successful and looking for something more passive. My neighbor has told me recently he will sell me his home for $250k. He doesn't want to hire a realtor or deal with putting it on the market. He lives next door to me and had more upgrades, 2 car garage. My home is worth $280k. So conservatively thinking, probably worth at least that. My question is this, with current interest rates I don't think I will make a profit as a LTR. It should rent for around $1,600 looking at other comps. I have lived in this area for around 17 years. A+ neighborhood. Great schools. I have read Rental Property Investing and am trying to crunch the numbers as best I can but still not super confident. Any advice appreciated! Ashley