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Updated over 18 years ago,
Wondering your thoughts on this investment
Good evening all.
Any thoughts on this? Is my thinking straight in regards to a sound investment and to assist in clearing my personal debt to provide more immediate cash flow?
I'm thinking of investing in the following:
[list]2 Unit Multi-family that is local to me (5 mins away)
Currently rented (how will this work with a new lease, etc) for $850/ea totaling $1,750.00 income in rent
A mortgage on this would cost me approx. $1,300.00
Revenue generated from rent $450.00
I also have some debt consolidation I'd like to pay off to free up some of my own monthly income. (pay off my car and CC's and do some work around my primary residence) - loan for $50k
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What I'm hoping out of this is to get cash back from the extensive bills I'm paying out with CC's and also increase my net worth with a new property that is currently rented. With the consolidation I'll surely be able to pay the mortgage myself in the event the tenants decide to go elsewhere.
I believe I've crossed all the T's and dotted the I's but I'd like your opinion. I have a few ideas going through my head but I wanted to start small first... test out the waters as to being a landlord and dealing with people before I proceed into more of an investment property.
Thank you for your thoughts.