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Updated over 1 year ago,

User Stats

8
Posts
6
Votes
Preeti Kale
6
Votes |
8
Posts

Starting out obstacles

Preeti Kale
Posted

New to investing.. have been following bigger pockets for couple weeks and been blown away with the amount of content they have. 

I started looking at deas in my home town(Charlotte, NC). Single family or 2-4 unit multifmaily. I analyzed 3-4 deals but I'm getting negative cash flow. i need help with two things:

Property range - 200K-300K, 20-25% down will be from the HELOC loan from my current home, which will be at 10% interest. The rest 200K-225K will be loan at 6.5% interest. In the area, Im looking to buy the rents are anywhere between $1700-1900 for a 2 bed home. When i analyze the deal I'm getiing negative $300 without putting in the cost of HELOC Laon. I'm I doing anything wrong here ? Is everybody putting money down out of their pockets?

Should i change my location and see if i can get 2-4 unit deals under 200K? as a newbie do you suggest me going out of state?

Any suggestions/advice and help from this forum will be greatly appreciated

Thanks 

Preeti

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