All Forum Posts by: Bobby Gupta
Bobby Gupta has started 1 posts and replied 1 times.
I have been thinking about buying rental Property for a while but recently a good a good opportunity presented itself and I need advice.
I have a friend and she is moving to florida and she wants to sell her duplex. exact same Duplex right next to her sold for $135000 couple of months bank and she is willing to sell it to me for 121500 with no real estate agents etc so there is no other costs involved. Property is in good shape. It was build in 2011 and it comes with all the appliances.
My financial situation... I have $40k in savings as disposable cash with I can put down on the property and I was thinking about financing for 10 year term. My mortgage with insurance and tax will be about $1050. The average rent in the same area for 1624 square foot property is about $1350 a month. Honestly I not worried about cash flow for me, and figure $350 a month might go back in the maintenance... I am more worried about builing wealth in the long run...everything sounds rosey here but I have never had a rental properties and some people I know tell me having a rental property is pain in ***. I am believe in motto.. No PAIN NO GAIN