All Forum Posts by: Billy Grace

I have a lender willing to give me a second home loan on some condos I plan to rent out. Is this an issue? Is it different than doing investment property loan? I have researched and saw you can't rent second home loan properties. Any input would be greatly appreciated. Thanks in advance.

Hello everyone,

I'm new at real estate investing but a real estate agent gave me a idea and I been pondering it and actually missing some deals I believe. I live in a big college community. I have opportunity to purchase a 4 bedroom 4 bath condo for 99k and of course price varies around that range depending on condition. In this market we rent each room for between $375 to $425 per room. Giving a monthly income of $1500 and $1700 depending on rent. The only catch is the HOA is $260 a month plus $65 hazard insurance plus $200 cap for utilities water and lights, internet comes in HOA dues. Mortgage around $400 with 20% down. I have a great handy man/ contactor for help. So totals due out is around 900-1000 dollars . roughly cash flow potential is 500 to 700 dollars. So my question is does this sound about right am I missing some things or what..I did caorate and things like that but wanted some real opinions or thoughts.

Been doing lots of research and just looking to get more info from a lot of well rounded investors.