NEW INVESTOR, Is it a good deal?

[Nikki Aine]

Hi, 

My name is Nikki, work in IT and 24, single woman. I have been listening to BP podcats for over 4 years and decided to finally start my journey. I came across a deal in NJ (20 min from my current apartment) $150,000 for a three family unit. It needs $80k work done in renovations as the house has lots of mold issues and water deteriorated on the inside. so all in all it is going to come out to $250k. I am getting an FHA 203k renovation loan and qualified for it. So i am occupying one unit and renting other two. Planning to use the BRRR strategy.

Here are the numbers: 

TAX and other misc:  $1200 (High, but jersey man!) 

Principal and interest: $1390

Loan : 5.5% (FHA 203k)

After all expenses, net $200 and free rent.

Please let me know your thoughts and anything i should look out for  

Thanks 

Nikki 

Happy Birthday BP <3