All Forum Posts by: Account Closed

Hey im new to real estate investing. Looking at a foreclosure that has an asking price of 35k. It is 1350 sqft, 3 bed, 1.5 bath townhome that has $78 a month HOA fees. Looked at the property yesterday and mostly everything appeared to be good except the HVAC would not come on. Lights, appliances, and furnace all worked, good neutral paint, tile on first floor, carpet upstairs; couldn't test the plumbing since the water is turned off. Looked in attic and had adequate insulation and no signs of water damage or termites. Listing agent says the property was previously being rented out to a family of 5 for $700 a month. Looked at rent of neighboring townhomes and they all rent for around 600-700. Is this property a good investment even with the potential cost of a new HVAC? What would my ROI be?

Hey, 

I have been trying to find an investment property for a while. Made a 14k offer on a 20k HUD home a few weeks ago (this home was in good condition just needed appliances in the kitchen and could have been rented easily for $450 a month), but they never got back to me and now the property is under contract with someone else. I have 22k in my savings account and zero debt. I am a full time student and only make $1,500 a month.

My first question is, should I wait and find another property that I can buy outright for around 15-20K? Or should I get a loan? There is a property I am looking at that is listed for 29k and in the description it says it rents for $450 a month.  Would this be a good investment?  How would I go about getting a loan for said property?

Thanks in advance for any advice..