How Much Cash Flow Is Enough????
Ok im looking at a house worth 85 approx, and i can get it for about 66.
after figuring out PITI, i figure it would rent for about 100 positive cashflow as a rental or possibly a lease option. This area does not appreciate very fast. Im not going to get rich off 100x12=1200 /yr, but I will still have a property that someone else is paying for.... what do you folks think? I know there will be times when its empty, and there will be maintenance as well.
Just want to buy my first property,and not get stuck with a lemon.
Depends on the deal. How much money did you put down? What are your closing costs? What are your payments? And how long will you be making them.
Can you add a unit in the garage? Do you have room for an additional small structure on the property? Is it an area that is getting better or worse. What are the shops like is there a trend to Gentrification? What changes in the area would cause change? can you insert and be at cause and make such changes? Do you like politics. Would you pay off a building inspector? Would you run for city council?
The answer as to the future worth of your investment is all tied up in the answers to the above questions.
Cheers Lucius 8-) 8-)
approx 2k closing costs.
5% down
5.75 - 6% financing