Looking at Milwaukee

[Account Closed]

Hello mid-west!

I am completely new to this website, and to real estate in general. My fiancee and I are looking to invest in duplexes or single homes in Milwaukee. My fiancee and I have wanted to real estate for quite awhile, but we are really new to a lot of the lingo.

Rule of 2%. So I am currently talking to a owner of a property he wants to sell for $50k and claims there is a renter currently paying $850. He also claims the home has been newly renovated. Am I right in believing that this nearly satisfies the Rule of 2%? I am just trying to figure out how the calculations are done.

Newbie

[Gerald Harris]

This is a good number to buy at.   but do this

1.  What is value.   

2.  Don't over pay for a piece of property

3.  50k loan would equate for roughtly a 400 to 500 dollar monthly payment (Depending on credit and down payment).

at $850 per mo you are good.   

Here is a link i created several days ago to help you out as a new investor.   Its great that you have a fiance that wants to work with you to help build your financial future together.     

http://www.biggerpockets.com/forums/93/topics/1362...

Welcome to bigger pockets